Do I fill in the entire amount of a cash gift of $45,000 on IRS Form 709, Schedule A, Part 1 or, $30,000 which would be the gift minus the $15,000 annual exclusion?

Filling out Form 709 by myself.

No way to e-file 709 presently.

1789

1 Best answer

Expert Alumni

Jun 4, 2019 3:45:56 PM

On form 709, you will enter the total gift amount in Schedule A Part 1. The annual exclusion is then deducted in Part 4.- Taxable Gift Reconciliation.

Edited 04/04/2019 | 1:49 PM PST

Level 15

Jun 4, 2019 3:45:55 PM

TT does not support form 709./

Expert Alumni

Jun 4, 2019 3:45:56 PM

On form 709, you will enter the total gift amount in Schedule A Part 1. The annual exclusion is then deducted in Part 4.- Taxable Gift Reconciliation.

Edited 04/04/2019 | 1:49 PM PST

Level 15

Jun 4, 2019 3:45:59 PM

Follow the instructions; you enter the full amount and then the annual exclusion is deducted in Part 4.

See https://www.irs.gov/instructions/i709#idm140297522159072

You should also seek advice from legal and tax professionals for gifting and related returns. This is not a DIY project.

Expert Alumni

Jun 4, 2019 3:46:00 PM

Thank you @tagteam. I have amended my answer.

Level 15

Jun 4, 2019 3:46:02 PM

You are quite welcome.

There have been a disturbingly large number of users trying to prepare a 709, are confused, and posting questions here.

I sincerely hope they consider consulting with legal/tax professionals because this area is a legal/tax minefield.

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Do I fill in the entire amount of a cash gift of $45,000 on IRS Form 709, Schedule A, Part 1 or, $30,000 which would be the gift minus the $15,000 annual exclusion?