turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Jaimeleebang
Returning Member

FORM 709 - Gift Tax - Schedule A Part 1

Hi,

I made electronic cash transfers from my US bank account to my father’s US Bank account using Zelle every months in 2020 for total 65K.

I am filing up the FORM 709, to report and get the lifetime gift tax exclusion.
In Schedule A Part 1, should I need to put every single cash transfer (it will be 20 transfer) or Sum of all transfer with date “2020”?

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

FORM 709 - Gift Tax - Schedule A Part 1

It is safest (and most accurate) to record each transaction and then total them.

 

However, for all cash transfers I have seen returns with one total input on one line (to one donee) and the date reported as 12/31. 

Jaimeleebang
Returning Member

FORM 709 - Gift Tax - Schedule A Part 1

Thank you so much.

 I will put SUM and put 12/31/20 as date, because I am transferring every other week in 2021 also.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies