OHhhhhhh, okay okay okay, i understand now. thank you
So basically the form 709 is for a cumulative total life record keeping of all the gifts ever given? to see if it ever goes above that 11 million dollar max.
But then what happens if someone exceed the yearly tax limit for a gift. Let's say someone makes a single year gift above the tax limit. Let's say a $30,000 gift in a year when the limit is $16,000?
