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What line on form 709 do i report the $11,580,000 lifetime exclusion ?
Form 709 is overly complex to report that i owe no gift tax. I cannot figure out which line to show the lifetime exclusion so my paltry $10000 gift over the $15000 exclusion doesn't result in tax
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December 18, 2020
9:50 AM
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Deductions & credits
Typically, you enter the applicable credit (not the exclusion amount) on Line 7 of Part 2.
See https://www.irs.gov/instructions/i709#idm140535812187088
December 18, 2020
10:00 AM
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