You'll need to sign in or create an account to connect with an expert.
A gift given to an individual is not reported on a federal tax return. A gift received from an individual is not reported on a federal tax return, regardless of the amount received.
If the gift given is $14,000 or more to a single individual then you have to complete and file a Form 709 Gift Tax return. There will be no taxes owed on the gift if your total gifts given in a lifetime are less than $5.45 million.
TurboTax does not support IRS Form 709
A gift given to an individual is not reported on a federal tax return. A gift received from an individual is not reported on a federal tax return, regardless of the amount received.
If the gift given is $14,000 or more to a single individual then you have to complete and file a Form 709 Gift Tax return. There will be no taxes owed on the gift if your total gifts given in a lifetime are less than $5.45 million.
TurboTax does not support IRS Form 709
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
MM1985
New Member
bfordmn
New Member
cyp54ress
New Member
curtbus-gmail-co
New Member
mjmoor60
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.