Reportedly flash gift (5)
I believe the answer is:
flair
'gift' is the definition.
(I know that flair is a type of gift)
'reportedly flash' is the wordplay.
'reportedly' indicates a 'sounds like' (homophone) clue.
'flash' becomes 'flare' (synonyms).
'flare' is a homophone of 'FLAIR'.
(Other definitions for flair that I've seen before include "Creative brilliance" , "Stylish talent" , "Stylishness, originality" , "Natural talent and aptitude" , "Style, panache" .)