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If you give a gift to an adult child that is less than 14K,

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If you give a...

If you give a gift to an adult child that is less than 14K, is the amount that you give to them recognized on your tax returns anywhere?

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I would like to give 8500 to my daughter for a closing on her home. Do I need to put this on my tax return anywhere? It is less than the 14K dollar limit

Submitted: 3 months ago.Category: Tax
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12/28/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 3 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,554
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Hello. Happy Holidays!! Thank you for choosing this Q&A service for assistance. My name is***** will be assisting you. In brief, the answer is no. Even if you were to gift the person more than $14,000, the receiver would not have to report it on their tax return. Gifting the child more than $14,000 would have subjected you, the donor to completing a Form 709 (Gift Tax return).

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Tax Professional: Tax.appeal.168, Tax Accountant replied 3 months ago

For more information regarding gift taxes, you can refer to IRS Pub 950.

Link to IRS Pub 950:

https://www.irs.gov/pub/irs-pdf/p950.pdf

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