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”?
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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.
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.
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