If you receive a gift from an individual it is not reported on your federal tax return, regardless of the amount received.
The giver of the gift does not report the gift given to an individual on their federal tax return. If the gift given to an individual is greater than $14,000 in a year then the gift giver must file an IRS Form 709 United States Gift (and Generation-Skipping Transfer) Tax Return. There would be no taxes owed on the gift if the total amount of gifts given in their lifetime is less than $5.45 million.
TurboTax does not support Form 709
Form 709 - https://www.irs.gov/pub/irs-pdf/f709.pdf
Form 709 instructions - https://www.irs.gov/pub/irs-pdf/i709.pdf
As the receiver of the gift, do I report the gift on my tax return? Will I owe taxes?
@Zeb8 - As stated in the answer above - "If you receive a gift from an individual it is not reported on your federal tax return, regardless of the amount received."
Thank you very much for your help! Any idea why Turbo Tax does not support form 709?
The Form 709 is not an income tax return nor has anything to do with income taxes. It is a Gift Tax Return so I can only assume that is why TurboTax does not support the form
However, if the inheritance, that is the inherited asset, generates income after you receive, or are recognized as having received it, you are responsible for reporting the income generated.
If you receive the money while your mom is still living, it is not an "inheritance."
Turbo Tax does not support the gift tax form 709, but here is a link:
https://www.irs.gov/pub/irs-pdf/f709.pdf
https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N