Reply To: Gift Tax form 709

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#5432
kaneohe
Participant

Never have filled out that form so take that into account………….
my impression is that if you are filling this out for the first time, there might be only a few lines that need to be filled out.

You fill out Sch A pt I that shows the gift.
Pt 4 shows the gift after annual exclusion. You then fill out pg 1 pt 2 which calculates the tax and balances that against the credit you are using up to get net tax of 0.

In future yrs you will need the prior history to show how much of the lifetime exclusion remains. Helps to know the answer.