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!
03402
3 Replies
macuser_22
Level 15
Mar 16, 2021 3:37:05 PM
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.
npierson7
Level 1
Mar 16, 2021 3:45:20 PM
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.