Other Tax Questions
Questions and comments on other topics covered in Fairmark.com, such as UTMA accounts, and any tax questions that don't fit our other categories.
Form 709 Question
Posted by: bookworm, August 27, 2017 07:12PM
Question about Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return

I have a question regarding "Schedule B: Gifts From Prior Periods" of this form.

The scenario is simple.

Taxpayer filed Form 709 for tax year 2016. This was the first form 709 filed by taxpayer. It included gifts given in 2016 only. No gifts (greater than the $14k limit) were ever given in previous years.

Now taxpayer will have to file a 709 for 2017 since gifts to a single individual once again exceeded the $14k limit in 2017.

Everything seems pretty straightforward except what to put in Schedule B columns C, D and E. Since there were no gifts prior to 2016, I assume all three of the numbers will come from the 709 filed for 2016. But numbers from which lines from the 2016 709 should be put in which columns on the 2017 709 Schedule B? I am not clear on which figures are being asked for on this schedule.

In case it matters I'll also add that there was no gift splitting. The 2016 gift was not from taxpayer and spouse, only from taxpayer.


Re: Form 709 Question
Posted by: bookworm, September 1, 2017 02:33PM
I was hoping this would be a simple question to someone who has had experience with this form.

Still hoping someone can answer it.

Thank you.

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