• Re: Form 709 U.S. Gift Tax Return

    From Stuart O. Bronstein@21:1/5 to Not A Clue on Mon Jan 31 09:58:17 2022
    Not A Clue <m8r.jn1sdp@gmail.com> wrote:

    If I made a $30K gift to an individual, do I put $30K on Form
    709? Or 30K less the annual gift exemption ($15K?)?

    If I made a $30K gift to a trust, do I put $30K on Form 709?

    First of all, for 2022 the annual exemption amount is $16,000.

    As for your question, just look at the form (2021 version). On part 4
    line 1 you put down total gifts (in your case $30,000). Then on line 2
    you subtract applicable annual exclusions.

    --
    Stu
    http://DownToEarthLawyer.com

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From Not A Clue@21:1/5 to All on Mon Jan 31 09:26:12 2022
    If I made a $30K gift to an individual, do I put $30K on Form 709? Or 30K less the annual gift exemption ($15K?)?

    If I made a $30K gift to a trust, do I put $30K on Form 709?

    TIA

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)