Form 709 gift tax return
I know TurboTax doesn't include form 709, but I have to fill it out for a gift given to my son. This is the first time I've had to fill out this form and I know I won't owe any taxes on the gift, so the exemption amount for this year should be the full lifetime exemption of $11,700,000. What I can't figure out is where on form 709 to subtract the amount of the gift from the exemption amount. It was a cash gift so there's no issue of adjusting the basis. It seems like there ought to be a place in Schedule A part 4 to apply the gift amount against the lifetime exemption, but if there is, I'm not seeing it. Does it go in form 709 part 2, tax computation, line 7 where it asks for the applicable credit amount? And if so, is the credit amount the amount of the gift?
