I gave my daughter gift money for a down-payment on a condo from my IRA. What should I do when I file for 2024 tax returns. Taxes were taken out.
Curious about this too….
Hi Drumnut20 and Ekdjild1!
Generally, gifts given are not reported on your personal tax return. If you gave gifts to someone in 2024 totaling more than $18,000 (other than to your spouse), you probably must file Form 709 (Gift Tax Return). Form 709 cannot be prepared or filed with FreeTaxUSA, since it is not related to a personal tax return.
To see more information about filing Form 709, you can visit this IRS link, under the "Who Must File" section: https://www.irs.gov/instructions/i709
More helpful information from the IRS regarding gift tax can be found here: https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes
