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Form 709 supplemental documents for cash gifts?

Forum|Forum|2 years ago
October 14, 2023
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Is there a need to attach any supplemental documents for cash gifts on form 709? It seems unnecessary since the valuation is obvious, but the instructions are not very clear.

Not A Product Question

Best answer by Bsch4477

No supplemental documents necessary.

B

Bsch4477Answer

Employee

No supplemental documents necessary.

X

xmasbaby0

Employee

Form 709 is not part of an income tax return. Do not try to include it with your tax return.

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.**