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How do I report a monetary gift that was under $10K to an individual ?

 
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Level 15

How do I report a monetary gift that was under $10K to an individual ?

A gift of $10,000 to an individual does not have to be reported since it is under the annual exclusion (for 2020) of $15,000.

 

See https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-tax...

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Level 15

How do I report a monetary gift that was under $10K to an individual ?

A gift of $10,000 to an individual does not have to be reported since it is under the annual exclusion (for 2020) of $15,000.

 

See https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-tax...

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Level 15

How do I report a monetary gift that was under $10K to an individual ?

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

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**