You'll need to sign in or create an account to connect with an expert.
No.
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
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
KarenL
Employee Tax Expert
jello77
Level 3
rocketdoc01
New Member
jaxgab
Returning Member
jaxgab
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.