Question

I want to gift my adult child $50K. I know the first $15K is exempt. It is not a Generation-skipping transfer, where do I defer the $35K?

Forum|Forum|5 years ago
September 22, 2020
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TurboTax Deluxe Online

Employee

You must file a gift tax return form 709 by April 15 next year. The gift is not taxable unless you have already made more than $11 million of lifetime gifts, but you must report it. The form is not included in your regular tax return -- you file it on its own -- and it is not provided by Turbotax.

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