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Question

If I give my mother 12,000 gift how do I show it as non taxable income on my 1040?

Submitted: 576 days and 14 hours ago.
Category: Tax
Value: $30
Status: CLOSED
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Optional Information

Optional Information:
Houston, Texas

Already Tried:
Trying to deduct a 12000 gift on my tax return but do not know line to put it on 1040

Accepted Answer

Hello and welcome to just answer

Unfortunatley you can not deduct the 12,000 you gave as a gift to your mom from your income. This is a gift and you will not have to pay gift taxes on the amount gifted. You will need to file form 709 and send it in with your tax retrun. The 709 is to show the IRS how much of your gift if any is taxable. In your case the $12000 is not subject to gift tax.

Here is a link to the form 709 http://www.irs.gov/pub/irs-pdf/f709.pdf

I am sorry if this is not the answer you were hoping for.

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Expert: Cassandra
Pos. Feedback: 100.0 %
Accepts: 
Answered: 4/24/2008

Tax Preparer

8yrs experience in taxation for individuals. CTEC Registered and an Authorized E-filer with the IRS

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