Reporting prior gifting on Gift Tax Form 709:
For Schedule B (Gifts from Prior Periods)
I realize the final value comes from the Schedule B Worksheet.
Do I report the actual amount or the amount from Line 3 on Schedule A, Part 4 - Taxable Gift Reconciliation?
Example:
Actual gifting = $100,000
Line 3 on Schedule A, Part 4 =$100,000 - Exclusion of $54,000 = $46,000
Reason for asking is - Page 1, Part 2 Tax Computation, Line 3 states "Total Taxable Gifts" = $46,000.
Thanks in advance
