Should I report gift of 17000 each to three separate donees?

[todd22077]

My spouse and I each gave 17000 gifts to daughter and two grandchildren

[DoninGA]

If the gift to each individual was exactly $17,000 each in 2023 you do not have to report the gifts given on an IRS Form 709.

[xmasbaby0]

GIFTS

Gifts given to family members, friends or other individuals are not deductible.   Gifts received are not taxable to the person who received the gift, and are not entered on a tax return.

If your gift exceeds the yearly limit ($17,000 per individual)  imposed by the gift tax rules, then you will need to complete a Form 709 gift tax form and send it to the IRS, although it is very unlikely that you will owe any tax.    In 2024 that yearly limit will increase to $18,000.

TurboTax does not support Form 709.  It is not an income tax form and would not be included as part of an income tax return.

Here is a link to the form:

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

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

[Anonymous_]

The annual gift tax exclusion amount is $17,000 per donor per donee for 2023 ($18,000 per donor per donee for 2024).

In other words, if you gave $17,000 to your daughter and $17,000 to each of your grandchildren in 2023, you would not need to file a gift tax return based on those figures.