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M
Missanessa1
September 28, 2019
Question

Gifting money

  • September 28, 2019
  • 1 reply
  • 0 views

I recently sold a house, I want to gift my brother with 40,000 dollars. How do I go about gifting  money. Does he have to sign any forms? Who pays the taxes ? What forms do I have to fill out ?

    1 reply

    DoninGA
    DoninGA
    Employee
    September 28, 2019

    Gifts given to an individual are not reported on a tax return.  If the gift given is over $15,000 for the year, then the giver of the gift has to report the gift on IRS Form 709.  There will be no taxes on the gift if the total of all gifts ever given are less than $11.18 million.

    The receiver of the gift does not report the gift received on a tax return, regardless of the amount received.

     

    TurboTax does not support IRS Form 709

     

    IRS Form 709 - https://www.irs.gov/pub/irs-pdf/f709.pdf

    IRS Form 709 instructions - https://www.irs.gov/pub/irs-pdf/i709.pdf

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