If I give a relative a gift of over 13,000, do I have to report this on my tax return, and if so, where?

Accounting Guru Here: I have not had this question asked since I retired from the IRS in 1995. At that time the Annual exclusion was $10,000.00 However, it has increased now to $13,000 per annum. You must file a Gift Tax return for any gifts that exceed the annual limitation of $13,000. See below for some rules regarding gift taxes:

The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule. Generally, the following gifts are not taxable gifts.

Gifts that are not more than the annual exclusion for the calendar year.

Tuition or medical expenses you pay for someone (the educational and medical exclusions).

Gifts to your spouse.

Gifts to a political organization for its use.

In addition to this, gifts to qualifying charities are deductible from the value of the gift(s) made.

So, the bottom line is that each year, you can give that person $13,000 and never have to pay a gift tax or file form 709 with the IRS.

You file a Form 709 for gifts over $13,000

NOPE not your your federal income tax return

YES on your federal gift tax return

There is a maximum dollar amount you can "gift" someone in any give tax year. Consult your tax person. In California, I believe $13,000.00 is the maximum.

no, no where