Neither. A gift given to an individual is not reported on your tax return. A gift received from an individual is not reported on a tax return, regardless of the amount received.
If the gift given is greater than $14,000 to a single individual, then the gift giver has to report the gift on IRS Form 709.
Neither. A gift given to an individual is not reported on your tax return. A gift received from an individual is not reported on a tax return, regardless of the amount received.
If the gift given is greater than $14,000 to a single individual, then the gift giver has to report the gift on IRS Form 709.
Form 709 is a Gift Tax return. "Gift Tax" is somewhat of a misnomer. Even though a gift tax return may be required, very few people ever actually pay federal gift tax. The purpose of the gift tax return is usually only to document a reduction in the allowable estate tax exemption.
See <a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/INF12127.html">https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/INF12127.html</a>