@chubbycheeky wrote:
I am wondering if the donor's adjusted cost basis in Column D is referring to the original cost when I purchased the shares many years ago, or is $18,000 correct the way it is as shown above.
Also, the form 709 is for 2019. Do I have to download a new one that is for 2020? And what proof documents do I need to include with the gift tax returns.
The donor's adjusted basis would be your original cost (plus any additional costs or improvements), not the fair market value at the time of the gift.
For gifts made during the 2020 calendar year, you will want to use the 2020 version of Form 709.
For assets other than cash, it is best to include a qualified appraisal or a detailed description of the method used to determine the fair market value of the gift.
