Gift

Forum|Forum|4 years ago
September 12, 2021
2 replies
20 views

My client gifted $190,000 to X

$20,000 to Y

$30,000 to Z

$20,000 to XX

and $20,000 to YY.

How should I report this? It is not a gift to charity on Schedule A.

I do not see form 709 on ProSeries where do I enter green box.

All gifts were to her children except the $190,000 given to friend to buy her house.

Please help and any additional advice for it would be greatly appreciated. Thank you

ProSeries Professional

This topic has been closed for replies.

Just-Lisa-Now-

Intuit Community Champion

You need to install the 709 module. Its a completely separate return. Gifts to private parties don't go on the 1040 anywhere.

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qbteachmt

Level 15

"It is not a gift to charity on Schedule A."

Because it's not going to be a deduction, either.

"All gifts were to her children except the $190,000 given to friend to buy her house."

It would be great if you can show there are spouses, and that the amounts don't exceed the gift limits per person, then perhaps her only problem will be the friend's gift. Did she know if she will be paying taxes on that gift she gave to her friend? She might need time to prepare for that expense.

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MGC94Author

Level 7

which form would I use for family/friend gift. There is 709 page 1 - 5 or I can do all forms. When I put in $190,000 I do not show it saying they owe anything. Thanks for the help

qbteachmt

Level 15

If you are considering part of their estate exemption, it isn't taxed now, but it is tracked. It's all part of "wealth management" really.

I like this source for articles:

https://www.investopedia.com/terms/a/annual-exclusion.asp

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