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Computing Gift Tax Amount on Form 709

When computing gift tax amount for 2023 for a gift of 150000, do you enter the number on the table on line 4 (table for computing gift tax) 23,800 or do you multiply the taxable amount 132,00 times the 30 percent.

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1 Best answer

Accepted Solutions
M-MTax
Level 10

Computing Gift Tax Amount on Form 709

If it's $150,000 gift less $18,000 exclusion then you have a $132,000 taxable gift. 

So you have tax of $23,800 plus 30% of the amount over $100,000 or $32,000 times 30%.

Total = $23,800 plus $9.600 = $33,400

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4 Replies
M-MTax
Level 10

Computing Gift Tax Amount on Form 709

Use the table for computing the tax. In your case it's $23,800 PLUS 30% of the amount over $100,000.

M-MTax
Level 10

Computing Gift Tax Amount on Form 709

Don't forget to deduct your annual exclusion and I assume you did that.

M-MTax
Level 10

Computing Gift Tax Amount on Form 709

If it's $150,000 gift less $18,000 exclusion then you have a $132,000 taxable gift. 

So you have tax of $23,800 plus 30% of the amount over $100,000 or $32,000 times 30%.

Total = $23,800 plus $9.600 = $33,400

Computing Gift Tax Amount on Form 709

Thanks for the detailed explanation.  I had not idea on what to do.

 

 

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