Gift Tax

Forum|Forum|2 years ago
January 6, 2024
2 replies
0 views

Need a little help with gift tax. My wife and I gave my son $100K for house down payment in late 2023. I have exceeded the $34,000 my wife and I can give to my son. I have several questions:

1.When do I fill out IRS Form 709? Fill out when I fill out my 2023 taxes?

2. Does Turbo Tax support this?

3. Do I need to fill out Form 709 separate from my regular return?

Thanks

Best answer by ScruffyCurmudgeon

GIFT TAX is not an Income Tax

1.When do I fill out IRS Form 709? Fill out when I fill out my 2023 taxes?
Generally, it is advised that if you need to file Form 709, you should file prior to or at the same time as Form 1040. In fact, Form 709 acts to reduce your Life-Long Exemption of the liability to Estate Tax. Filing a Form 709 need not actually require you to pay at the time of filing the Gift Tax because until you have exceed that Exemption amount you do not owe anything. . For 2024, the lifetime gift tax exemption is $13.61 million,

2. Does Turbo Tax support this? NO! Gift Tax has nothing to do with Income or Income Tax

3. Do I need to fill out Form 709 separate from my regular return? IF you mean by "separate return" yes, it is totally a different form

ScruffyCurmudgeonAnswer

Employee

GIFT TAX is not an Income Tax

2. Does Turbo Tax support this? NO! Gift Tax has nothing to do with Income or Income Tax

3. Do I need to fill out Form 709 separate from my regular return? IF you mean by "separate return" yes, it is totally a different form

If this posted response is useful to you, please click on the upraised hand in the lower left of this post. Thank you. Scruffy Curmudgeon--PFFM/ IAFF, retired FireFighter/Paramedic - Locals 718/30, Veteran USAR O3 AIS/ASA '65-'67 NOT INTUIT EMPLOYEE USAR 64-67 AIS/ASA MOS 9301 - O3 - Just donating my time**Say Thanks by clicking the thumb icon in the lower left corner -it means nothing but makes those than answer feel wanted.

cumminshaid

Instructions for Form 709 Gift Tax state you should file it with your return. However, it's not supported electronically. May I submit my TurboTax Income Tax return electronically, then separately submit my Form 709 via snail mail? Federally and State (Virginia)?

RobertB4444

Yes. The 709 should not only go in separate from your income tax return it will go to a completely different address if you were mailing them both. So efile your 1040 and mail your 709 and you'll be fine.

@cumminshaid

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

DoninGA

Employee

The Form 709 is due the same date as the 2023 federal tax return, April 15, 2024
TurboTax does not support Form 709
The Form 709 is separate from the federal return and is mailed to a separate address as noted in the Form 709 instructions

Go to this IRS website for the Form 709 and Instructions - https://www.irs.gov/forms-pubs/about-form-709