My family member recently gifted my over 15k. She will report the gift on her returns. Will she have to pay any taxes on that gift?

[xmasbaby0]

No she will not pay tax unless she has exceeded the lifetime maximum gift amount of over $11 million, but she will need to file a gift tax form.

GIFTS

Money that you receive as a gift is not taxable income to you, and you do not need to report it on your income tax return.  Money that you gave as a gift to someone else is not deductible for your taxes.

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

https://www.forbes.com/sites/ashleaebeling/2017/10/19/irs-announces-2018-estate-and-gift-tax-limits-...

[DoninGA]

Duplicate message

[xmasbaby0]

And....by the way....she does not report the gift on her income tax return.  Gifts to individuals are not deductible.  There is no place on a Form 1040 to enter a gift given to someone else unless the gift was to an organized and recognized charity.