Gift Tax Form 709 - Reporting Prior Gifting

[M-MTax]

I believe the guy (and the worksheets) just made up a figure for taxable gifts which just happened to be an even number (as you said) but that even number was after exclusions.

[M-MTax]

OOPS I didn't see your total reply until I scrolled down.

I see you are in agreement.  

Yeah, and it is indeed confusing no thanks to the idiotically ambiguous and paltry instructions provided by the IRS. To be honest, the IRS has about as much of a clue as most people trying to file that form and far less than other tax pros who are familiar with it. Try to contact them and see if anyone there can provide you with a reasonable answer for any question concerning that form. 

[Romper]

Been there done that...

A sorry story.

[brianmarks]

I am trying to figure out Schedule D Part 2 Line 2 - Total exemption used for periods before filing this return -

Where does this number come from?

[M-MTax]

Form 709? The GST reconciliation?

You should have that figure from previously filed 709s. 

See https://www.irs.gov/instructions/i709#en_US_2024_publink16784xd0e5173

If you have skips, you really do need to consult with a local professional.

[brianmarks]

Thanks for your reply.  Yes, form 709.  I have filed previous 709's but have never had a skip - I've had taxable gifts that appear on Lines 1,2 and 3 of Part II of Page 1.    And I have amounts from Shed B Column C and E that appear on Page 1.   Still not sure if I what goes in Sched D Part 2 Line 2 -  IRS instructions are not helping me.

[M-MTax]

Do you have a direct skip? Ostensibly, you haven't had one previously so Line 2 should be zero since you had not previously used any of your exemption. 

You might want to look through the links below.

The link below is to 709 prep software (it's 50 bucks):

https://www.puritas-springs.com/product-category/federal

The links below are to a couple of (moderately helpful) Youtube videos.

https://www.youtube.com/watch?v=a5wJow5h-No

https://www.youtube.com/watch?v=5Z_28sVOrTY

[brianmarks]

Thank you.  Correct - never had a direct skips.    I am using Puritas software for the past two years.  Line 2 is not populating with any numbers - so hopefully I'm all set.

Next on the list is creating a continuation sheet for stock transfers.  IRS instructions want several details on transferred stocks and there is no place on the software to put in cusip# type of stock, etc.

[M-MTax]

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@brianmarks wrote:

.......never had a direct skips.    I am using Puritas software for the past two years.  Line 2 is not populating with any numbers - so hopefully I'm all set.

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Yes, that should be the case if there were no skips.

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@brianmarks wrote:

Next on the list is creating a continuation sheet for stock transfers.  IRS instructions want several details on transferred stocks and there is no place on the software to put in cusip# type of stock, etc.

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You can always attach a separate sheet with that information. All you need to do is reference the attachment (e.g., "see attached statement/sheet").