Do I need to report gift money on my tax return?
drumnut20
Member Posts: 1 Newcomer
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.
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Answers
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Curious about this too….
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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:
More helpful information from the IRS regarding gift tax can be found here:
