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New Member
posted Mar 30, 2024 5:01:30 PM

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

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1 Best answer
Level 15
Mar 30, 2024 5:16:06 PM

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

2 Replies
Level 15
Mar 30, 2024 5:11:24 PM

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

Level 15
Mar 30, 2024 5:16:06 PM

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