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Level 2
posted Mar 19, 2025 5:05:47 PM

Simple gift to a Child

I gave more than the $18,000 amount but well under the max. When filling out form 709, Do I need to complete the Schedule A, Schedule B and Schedule D pages? 

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1 Replies
Level 15
Mar 19, 2025 5:13:25 PM

 

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 ($18,000 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.

 

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

 

 

 

 

 

 

Here's a link for Form 709 preparation software:

 https://www.puritas-springs.com/product-category/federal

 

Here are some useful videos on the Form:

 

https://www.youtube.com/watch?v=a5wJow5h-No

 

https://www.youtube.com/watch?v=5Z_28sVOrTY