Question on entering cash gifts on Schedule A for Form 709

Forum|Forum|1 year ago
March 26, 2025
1 reply
0 views

I gave multiple small financial gifts to one individual through last year. Each gift was a few thousand or less, but in total are well above 18k. So, I would still fill out Form 709, correct? Also, can I just put the total amount of gifts as one entry on Schedule A rather than list each one out individually?

SabrinaD2

Yes, you will need to file Form 709 since your total gifts to one individual exceed the annual exclusion amount of $18,000 for 2024

Regarding Schedule A, you should list each gift separately rather than combining them into one entry.
The IRS requires detailed reporting of each gift, including the date and amount of each gift

BeckyMCuAuthor

Well, there will be a few dozen entries, then. Does it have to be one single entry per page or can I just list the individual once on each page and then list out however many gift entries will fit before filling out another Schedule A?

SharonD007

Charitable contributions that you deduct on your Schedule A as itemized deductions, must be made to qualified organizations, not individuals. Refer to the TurboTax Blog What is a Charitable Donation?

You can't deduct the money that you gave to an individual as a gift. Gifts aren't tax deductible. If your gift was more than $18,000 ($36,000 for a married couple), you will have to complete Form 709, which TurboTax doesn't support.

Refer to the TurboTax articles Where do I report a cash gift? and Tax Guidelines About Gifting.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"