Gift Tax form-709, second time filer.

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mschurner
Posts: 77
Joined: Sun Sep 23, 2018 11:33 pm

Gift Tax form-709, second time filer.

Post by mschurner »

Hello all,

I'm requesting assistance with form 709.
I have filed form 709 back in 2018. I didn't have to file in 2019. I made enough gifts for my family in 2020. I need to file gift tax again this year.
Prior year gifting makes this form a little more complicated. Actually it was much more difficult for me to do it for the first time back in 2018.

In this year from, I need to apply the prior year taxable amount and applicable credit in schedule B.  Then it comes to page Page 1 - Part 2.
Back in 2018, the taxable amount of gifts was about $38457 ( after deducting annual exclusion) , For this amount the calculated tax was $7861. I believe the applicable credit was the same $7861.

Based on these numbers, I calculated this year form 709. I want to make sure I'm not messing up anything. If you could have a look at the form, it is much appreciated.

https://postimg.cc/gallery/j5zccd9

Thank you
bsteiner
Posts: 5659
Joined: Sat Oct 20, 2012 9:39 pm
Location: NYC/NJ/FL

Re: Gift Tax form-709, second time filer.

Post by bsteiner »

Line 3 should be 13,291 rather than 3,291.

On page 3, show where the prior return was filed. which would have been Kansas City, Missouri 64999.

You'll also have do do pages 4 and 5.
Topic Author
mschurner
Posts: 77
Joined: Sun Sep 23, 2018 11:33 pm

Re: Gift Tax form-709, second time filer.

Post by mschurner »

Thank you for looking at it.

Ya. It was $13291. Thanks for pointing out the typo.
I'll add the IRS address.
I have nothing in the page 3 and 4 including GST.

What about the schedule B column C and E?  C,  It should be the credit it was used for the previous year. ( It will be $5430 for 2020)  
 E should be the prior year taxable amount ( For eg, Its $22463 for 2020) . I looked at some sample forms online which mentioned $0 for in column E coz effective taxable amount was 0, but I don't think its correct. It can't be 0 if someone filed in the past. Is that right? 
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