Hi, I am helping my parents fill out form 709. They gifted me money for a house last year. I understand the basics of it but if I did my calculations right (this part was confusing, I had to manually calc what the taxes owed if they were to pay it and its on a sliding scale, like first 10K is at this rate, then next 20k is at this rate and so on.) on the poor IRS instructions, it said to enter $4M as the credit and if the calculated tax amount is less than the credit, that I take the calculated amount and in the end I subtract the calculated amount from itself and it nets to 0 for taxes. Is this correct?
