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kristen3838
New Member

When do I actually have to pay taxes out to the IRS when I give a gift of $256K (which is over the yearly exclusion), but not over the lifetime exclusion? I am 81 yrs.

 
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DoninGA
Level 15

When do I actually have to pay taxes out to the IRS when I give a gift of $256K (which is over the yearly exclusion), but not over the lifetime exclusion? I am 81 yrs.

If your total of all gifts given to date have not exceeded $11.18 million then you will not pay any gift taxes.  You do not report the gift given on a federal tax return.  You do have to report the gift given to a single individual if the gift was over $15,000.  Report the gift given on IRS Form 709.

IRS Form 709 - https://www.irs.gov/pub/irs-pdf/f709.pdf

IRS Form 709 instructions - https://www.irs.gov/pub/irs-pdf/i709.pdf

TurboTax does not support IRS Form 709.

View solution in original post

1 Reply
DoninGA
Level 15

When do I actually have to pay taxes out to the IRS when I give a gift of $256K (which is over the yearly exclusion), but not over the lifetime exclusion? I am 81 yrs.

If your total of all gifts given to date have not exceeded $11.18 million then you will not pay any gift taxes.  You do not report the gift given on a federal tax return.  You do have to report the gift given to a single individual if the gift was over $15,000.  Report the gift given on IRS Form 709.

IRS Form 709 - https://www.irs.gov/pub/irs-pdf/f709.pdf

IRS Form 709 instructions - https://www.irs.gov/pub/irs-pdf/i709.pdf

TurboTax does not support IRS Form 709.

View solution in original post

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