Level 3

Question

HOW CAN I ENTER PARENTS GIVE 15K TO EACH OF THE CHILDREN ALL GROW UP

7 replies
41 views

Hi I am using Proseries Basic and i have a couple the give to their 3 children an gift to each couple 30k, my question how can i enter on Proseries basic and where. Please guide my since it is the first situation like this i am dealing with.

Best regards,

ProSeries Basic

This topic has been closed for replies.

abctax55

Level 15

You don't. At least not on a Form 1040.

HumanKind... Be Both

Just-Lisa-Now-

Intuit Community Champion

You dont enter gifts anywhere on a 1040.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

T

taxes96786

Level 8

Why would you want to report these gifts? They are not taxable or deductible.

G

goyitoAuthor

Level 3

Hi Taxea96786,

First thank you for answer to me.

I know gifts are not taxable but I was reading they can give to each of their children 15k and also to their spouses and not to report on their return, but i was reading how to treat gifts and I understand they didn't have to pay taxes on that money but does they need to file (form 709 United States Gift (and Generation-Skipping Transfer) Tax Return) or they didn't need to file that form? Here is where I am confused. Since I am doing only personal taxes no other kind, since they are asking how much they can give to each of their children since they have 3 and they are married, and they want to give each couple 30K as a gift.

Or they don't have to do anything?

Thank you for your support on this important matter.

Best Regards,

Goyito.

qbteachmt

Level 15

Use the Web, and look it up. That's how you learn. Google:

report gifts on taxes

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax/L1sFpFeXV

Don't yell at us; we're volunteers

qbteachmt

Level 15

"a couple the give to their 3 children an gift to each couple 30k"

Two parents can give a married couple as $15k each for each, so that is $60k under the gift rules, because you are asking about gift rules and you should read about gift rules.

Don't yell at us; we're volunteers

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