If I gift money to my daughter in excess of the annual gift exemption, is there any __procedural__ impact on my daughter?
I know the gift is not reported as income.
But does she have to file a form to record her receiving an excessive gift?
If so, what forms -- California as well as Federal?
I believe __I__ must file Form 709. Is there a corresponding form for the recipient?
snipped-for-privacy@gmail.com wrote in news: snipped-for-privacy@googlegroups.com:
Gifts are normally not taxable or reportable at all.
Stu
Stu is correct, with respect to the recipient. The giver needs to file a Form 709 to claim the excess (beyond the annual limit) amount.
Thanks, Stu and "Joe". Just as I thought. I wanted to be "darn sure" because I'm making some decisions based on that, and I'm between CPAs for the moment.
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