Report Gifts to family members

[tk60]

My mother gave each of her three children a gift of $63,000.00 in 2021. How do I report her gift on her tax return and how do I report the gift on my return? Does Turbo Tax handle this situation or do I have to do it manually?

[Anonymous_ · Accepted solution]

You have to use Form 709 and TurboTax does not support Form 709.

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

Form 709 is filed separately from your mother's income tax return and she is the individual who reports the gift on the form, not you (as the receiver of the gift - donee).

[tk60]

The children do NOT have to report the gift, only the giver?

[Anonymous_]

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@tk60 wrote:

The children do NOT have to report the gift, only the giver?

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That is correct. The children (as donees or recipients of the gifts) do not have to report the gifts.