You'll need to sign in or create an account to connect with an expert.
Yes. The person who received the gift does not have to report the gift---gifts are not taxable for the recipient of a gift. But the person who GAVE the gift must complete a gift tax Form 709 if the gift to one person was more than $15,000 in one year. That does not mean tax will be owed----but the gift must be reported against a lifetime gift limit amount.
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
What is important to the receiver is the donors basis and the current fair market value.
"Gift Tax" is somewhat of a misnomer. Even though a gift tax return may be required, very few people ever actually pay federal gift tax. The purpose of the gift tax return is usually only to document a reduction in the allowable estate tax exemption.
See https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/....
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
warmbeers
New Member
curtbus-gmail-co
New Member
elahoo
Level 2
princessidgaf
New Member
k-knapp
New 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.