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Thread: Monetary Gift and Turbo Tax

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    Senior Member velour1141's Avatar
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    Default Monetary Gift and Turbo Tax

    I was in the process of filing mine and my husbands taxes through TurboTax. Quick question... I received a gift this past year from my still living grandmother for $25,000 to help with bills, etc. Ofcourse the bank had to file some sort of tax document. I don't know if I have to report this for my taxes since it was a gift, and if so, I can't find where to do that on TurboTax. Thanks for the help ladies!
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    Banned Melonie's Avatar
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    Default Re: Monetary Gift and Turbo Tax

    The approximately $5,000 worth of gift taxes due on this large gift to her grandchild are your grandmother's responsibility to pay. She may be able to avoid paying a gift tax if she is able to add to her lifetime exemption on gifts without going over the $1 milion total lifetime limit.



    FYI the current limit for tax-free gifts is $12,000 to a single recipient in a single year.

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    Senior Member velour1141's Avatar
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    Default Re: Monetary Gift and Turbo Tax

    Thank you so much Melonie!
    http://www.myspace.com/thefiedlers

    Here's my little girl... Lily Mae!!!

    [SIGPIC][/SIGPIC]

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