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My client gave 20,000 gift to her daughter How do I report ? how do i report on the 1040 ?

rudydianeg
Level 1
also does my daughter have to report it ?
0 Cheers
8 Comments 8
Just-Lisa-Now-
Level 15
Level 15

Gifts aren't reportable on the 1040 anywhere.   She may have a 709 gift tax return filing requirement though, 


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
rudydianeg
Level 1

what if the gift has to do with community property ?

 

0 Cheers
IRonMaN
Level 15

Your client also gave $20,000 to your daughter?


Slava Ukraini!
itonewbie
Level 15

@IRonMaN wrote:

Your client also gave $20,000 to your daughter?


That's what I was thinking... 🙄

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Still an AllStar
itonewbie
Level 15

@rudydianeg Based on the questions you have asked, you your client may like to visit the  T u r d o t a x  Community for help instead as had been suggested previously.  This is a peer-to-peer forum that is open only to tax professionals.

https://proconnect.intuit.com/community/user/viewprofilepage/user-id/5321

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Still an AllStar
GodFather
Level 8

I need to find "clients" like that.  

Just-Lisa-Now-
Level 15
Level 15
Community property between the parent and child? I dont understand.

Gifts, don't go on the 1040 anywhere.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Taxprohere
Level 7

I don't charge any of my clients....and they all end up giving me gifts!  🤔😉🤣