topic FORM 709 - Gift Tax - Schedule A Part 1 in Deductions & credits

FORM 709 - Gift Tax - Schedule A Part 1

joybanerjee39 — Tue, 16 Mar 2021 22:20:17 GMT

Hi,

I made electronic cash transfers from my US bank account to my fathers bank account in India via Remitly and Xoom in 2020 for a total of 50K USD.
I am filing up the FORM 709, to report and get the lifetime gift tax exclusion.
In Schedule A Part 1 Column B of the form under the “Description of Gifts” is it fine to mention “Cash gift (bank transfer) to Donee’s Account” or do I need to add details of my fathers bank account etc.

Thanks in Advance!

Re: FORM 709 - Gift Tax - Schedule A Part 1

macuser_22 — Tue, 16 Mar 2021 22:37:05 GMT

No. It does not go on schedule A. Your father is not a registered charity. Gifts are not reported on a tax return at all.

Re: FORM 709 - Gift Tax - Schedule A Part 1

npierson7 — Tue, 16 Mar 2021 22:46:30 GMT

No, you don't need to add details of your bank accounts there. Simple description is enough for this field.

It is separate form and it is not a part of you tax return.

Re: FORM 709 - Gift Tax - Schedule A Part 1

joybanerjee39 — Fri, 19 Mar 2021 02:15:01 GMT

Thanks for your reply!