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What IRS form do I need to report a monetary gift to my son?

 
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DoninGA
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

What IRS form do I need to report a monetary gift to my son?

Gifts given or received are not reported on a tax return. 

 

If the gift you gave in 2023 is greater than $17,000 to a single individual then you have to report gift given to the IRS using IRS Form 709.  There will not be any taxes assessed on the gift given if the total of all gifts ever given are less than $12.92 million in 2023.

 

TurboTax does not support For 709

IRS website for Form 709 - https://www.irs.gov/forms-pubs/about-form-709

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2 Replies
ee-ea
Level 15

What IRS form do I need to report a monetary gift to my son?

Form 709 isused for gift tax.   https://www.irs.gov/forms-pubs/about-form-709

DoninGA
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

What IRS form do I need to report a monetary gift to my son?

Gifts given or received are not reported on a tax return. 

 

If the gift you gave in 2023 is greater than $17,000 to a single individual then you have to report gift given to the IRS using IRS Form 709.  There will not be any taxes assessed on the gift given if the total of all gifts ever given are less than $12.92 million in 2023.

 

TurboTax does not support For 709

IRS website for Form 709 - https://www.irs.gov/forms-pubs/about-form-709

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