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gordonscrimger
New Member

When filing a gift on the Federal Tax forms, what information is needed about the recipient?

 
1 Best answer

Accepted Solutions
DoninGA
Level 15

When filing a gift on the Federal Tax forms, what information is needed about the recipient?

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

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7 Replies
fanfare
Level 15

When filing a gift on the Federal Tax forms, what information is needed about the recipient?

on the individual tax return, gifts do not appear. So where were you planing to list this ?
gordonscrimger
New Member

When filing a gift on the Federal Tax forms, what information is needed about the recipient?

The below does answer my question.  Does this mean I can’t use turbotax to file taxes if I gave a gift? or can form 709 be attached to turbo tax before filing?
gordonscrimger
New Member

When filing a gift on the Federal Tax forms, what information is needed about the recipient?

The below does answer my question.  Does this mean I can’t use turbotax to file taxes if I gave a gift? or can form 709 be attached to turbo tax before filing?
xmasbaby0
Level 15

When filing a gift on the Federal Tax forms, what information is needed about the recipient?

TurboTax does not provide or support form 709.  You do not include it with your income tax return.  You can get the form from the IRS: <a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/f709.pdf">https://www.irs.gov/pub/irs-pdf/f709.pdf</a>
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
DoninGA
Level 15

When filing a gift on the Federal Tax forms, what information is needed about the recipient?

The gift tax return is a separate tax return.  You can still file your personal tax return, Form 1040, using TurboTax.
gordonscrimger
New Member

When filing a gift on the Federal Tax forms, what information is needed about the recipient?

Thank you
DoninGA
Level 15

When filing a gift on the Federal Tax forms, what information is needed about the recipient?

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

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