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,
You dont enter gifts anywhere on a 1040.
Why would you want to report these gifts? They are not taxable or deductible.
"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.
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.
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
please read my post on new preparer tips. Have you taken any tax classes? This should have been covered.
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