Re: Gift to children

Why is it that Turbo tax does not allow me to process $$$ gifts to the child? Instead, it sends me to a complex IRS form

posted

Gifts are not reported in a tax return.

Gifts over $15,000 need to be reported on a separate 709 form.

https://www.irs.gov/pub/irs-pdf/i709.pdf

https://www.irs.gov/pub/irs-pdf/f709.pdf

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

if i was gifted stocks and my income is under the $96k, why is turbo tax counting this as capital gain and taxing it?

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