Received gift then gave out gift

[koeytam]

I received gifts from my uncle and my friend total $50,000. A month later, my brother decided to buy a house so I gave $50,000 to my brother as a gift to help him with the house downpayment. Do I have to report the gift I received from my uncle and friend? And Do I have to file gift tax return because I gave more than $14,000 a year? Will the IRS ask me where did I receive the money to give to my brother?

Thanks

[xmasbaby0 · Accepted solution]

You are not taxed on a gift you received, and do not have to report a gift you received.  But you do need to file a gift tax form 709 for the gift to your brother of over $14,000.  TurboTax does not provide or support that form; you can get it from the IRS:

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

[Critter]

Yes, you will report the gift giving. 

[koeytam]

Thanks. But do I need to report the gift I received from my uncle and friend? I basically dont have that money because I gave all out to my brother.

[macuser_22]

No.  You only find a 709 for gifts over $14,000 that you *give*, not receive.  There is noting to report for a received gift.