FORM 709 - Gift Tax - Schedule A Part 1

[joybanerjee39]

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!

[macuser_22]

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]

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. 

[joybanerjee39]

Thanks for your reply!