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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1 Best answer

Level 15

Jun 4, 2019 1:48:25 PM

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.

Level 15

Jun 4, 2019 1:48:25 PM

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.

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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.