Monetary gifts 2021

Forum|Forum|4 years ago
January 26, 2022
1 reply
6 views

In 2021 I received 2 monetary gifts from 2 people. I've been told this impacts their taxes, how would this impact my taxes? Where do I enter this in TurboTax?

PattiF

Level 15

This does not impact your taxes. There is no place to enter the gift on your tax return as you do not need to report the money.

The giver of the monetary gift may need to file a Form 709 Gift Tax if the amount given was over $15,000.

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Monetary gifts 2021

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