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Gift tax

Forum|Forum|5 years ago
September 8, 2020
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I want to gift my 3 children $50,000.00 each. Do I or they have to pay any taxes on it?

Best answer by Anonymous_

@tomwozniak1950 wrote:

I want to gift my 3 children $50,000.00 each. Do I or they have to pay any taxes on it?

Probably not since you can use the lifetime exemption of $11.58 million (for 2020), but you will have to prepare and file Form 709 if you give more than $15,000 to any one donee.

See https://www.irs.gov/instructions/i709#idm140554801429376

A

Anonymous_Answer

Employee

@tomwozniak1950 wrote:

I want to gift my 3 children $50,000.00 each. Do I or they have to pay any taxes on it?

Probably not since you can use the lifetime exemption of $11.58 million (for 2020), but you will have to prepare and file Form 709 if you give more than $15,000 to any one donee.

See https://www.irs.gov/instructions/i709#idm140554801429376

DoninGA

Employee

No, the receiver of a gift from another individual is not reported on a tax return.

You have to report the gift given to an individual if the gift given is greater than $15,000 on IRS Form 709. There will not be any gift taxes owed if the total of all your gifts ever given is less than $11.4 million.

IRS Form 709 - https://www.irs.gov/forms-pubs/about-form-709

TurobTax does not support IRS Form 709