I made a gift of 30000 to my daughter to buy a house. The gift is over 16000, and thus I need to report on Form 709. Schedule A part 4 let me subtract the 16000, resulting in 14000. The 14000 is then entered on Part 2 page 1 line 1. Thereafter, it asks you to calculate the tax amount on 14000. But nowhere do I see where I can apply the 14000 against the lifetime gift exemption. How and what part of the Form 709 can I do that?
