What line on form 709 do i report the $11,580,000 lifetime exclusion ?
Form 709 is overly complex to report that i owe no gift tax. I cannot figure out which line to show the lifetime exclusion so my paltry $10000 gift over the $15000 exclusion doesn't result in tax
012921
1 Best answer
Anonymous_
Level 15
Dec 18, 2020 10:00:34 AM
Typically, you enter the applicable credit (not the exclusion amount) on Line 7 of Part 2.