Hi there,
I am confused about what to fill in line 7 of part 1 of form 709. Just for example: say I gifted $44000 in 2018 and say $200k in 2019:
1) What should I fill in line 7? Would it be $4,505,800 or should it be tax on the $200k by looking into Table for computing gift tax, which would be $38,800 + (32/100)*50000?
2) Also for line 8, what would be the applicable credit for previous year which is $44000? Would it be $9160 or $4,417,800? I guess I should enter that same amount in Schedule B column C.
Thanks so much!
