Will I get taxed if I give my adult child $1700, will this benefit me, can i get a tax break if i do?

Forum|Forum|2 years ago
December 29, 2023
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TurboTax Online

Best answer by VolvoGirl

No. Nothing to do with income taxes. You don't report gifts given or received on your tax return. Only to IRS qualified charities and then only if all your itemized deductions are more than the Standard Deduction.

VolvoGirlAnswer

Employee

xmasbaby0

Employee

Gifts given to family members, friends or other individuals are not deductible. Gifts received are not taxable to the person who received the gift, and are not entered on a tax return.

If your gift exceeds the yearly limit ($17,000 per individual) imposed by the gift tax rules, then you will need to complete a Form 709 gift tax form and send it to the IRS, although it is very unlikely that you will owe any tax.

TurboTax does not support Form 709. It is not an income tax form and would not be included as part of an income tax return.

Here is a link to the form:

https://www.irs.gov/pub/irs-pdf/f709.pdf

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

**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.**