22 Sep If I gift more than $15K, what tax forms do I need?
Q. If I gift more than $15,000, what form do I need to file?
A. Thanks for your question.
You can gift up to $15,000 a year to as many people as you’d like.
“For gifts over $15,000, a gift tax credit then applies to the gifts you make during your life up to $11.58 million,” Rosen said.
For 2020, you will file Form 709 no earlier than Jan. 1, but not later than April 15 of 2021, she said.
“The gift tax return is a separate tax return and not tied to your individual tax return,” she said.
You can find those instructions here.
Email your questions to moc.p1603549768leHye1603549768noMJN1603549768@ksA1603549768.
This story was originally published on Sept. 22, 2020.
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