Gift

Forum|Forum|4 years ago
September 12, 2021
10 replies
35 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

I thought you said she would be paying taxes on the gift she paid her friend

sjrcpa

Level 15

I am not sure how to determine if they are impacted. I am hoping they are not impacted. They do have money for whatever would be owed. What part of the 709 do I do and then do I put that on the personal return?

The 709 is completely separate from the 1040. 709 info does not go anywhere on the 1040.

Each person gets a lifetime exemption from estate and gift tax. If your client has not used her lifetime exemption then no gift tax is due on this year's 709.

The more I know the more I don’t know.

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