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Can a married couple receive a gift exclusion of $15,000 each from both sets of parents for a total of $60,000? ( $30,000 from each set) and not have to pay gift tax?

Forum|Forum|6 years ago
January 19, 2020
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TurboTax Online

Best answer by DoninGA

Gifts received from an individual are not reported on a tax return, regardless of the amount received.

Only the gift giver has to complete a Form 709 if the gift given to an individual is greater than $15,000.

DoninGAAnswer

Employee

Gifts received from an individual are not reported on a tax return, regardless of the amount received.

Only the gift giver has to complete a Form 709 if the gift given to an individual is greater than $15,000.

X

xmasbaby0

Employee

If you receive a gift you do not pay any tax on it. And if the gift was structured in the way you describe, the "givers" do not have to file a gift tax form.

GIFTS

Money that you receive as a gift is not taxable income to you, and you do not need to report it on your income tax return. Money that you gave as a gift to someone else is not deductible for your taxes.

Turbo Tax does not support the gift tax form 709, but here is a link:

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

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

https://www.forbes.com/sites/ashleaebeling/2017/10/19/irs-announces-2018-estate-and-gift-tax-limits-11-2-million-per-couple/#3226e75d4a4b

**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.**

VolvoGirl

Employee

Yes. But the receiver doesn't fill out or pay the Gift Tax. Only if you GIVE MORE than 15,000 you need to fill out a gift tax return. But there won't be any tax due. It just will count against your lifetime amount of 1.3 million. Not sure of the exact amount.