For Medi-Cal planning purposes, I was gifted a large amount of money from my elderly father. I’m helping him do his taxes.
The money was sent using the free ACH (automated clearing house) / EFT (electronic funds transfer) system from his CHASE checking account, to my ETRADE savings. We did not “wire” it, as this had a fee associated with it.
I found this link/information, but I think it’s referring to charitable gifts, so it may not apply. Also, I’m not sure if an ACH/EFT transfer is technically considered a “wire” transfer.
https://www.pgcalc.com/support/knowledge-base/pg-calc-featured-articles/gift-date-matters
“Cash (check)
Finally, though a less common occurrence, if a person makes the gift via a wire transfer, the gift would be considered made on the date the funds are transferred out of the donor’s account, as shown on the account statement. Rev. Rul. 80-335 ”
For my father’s taxes, which of these would be considered to be the date of delivery/date of gift for Form 709? :
#1 Dec 3, 2019 - The date he initiated the transfer with CHASE on-line. The funds were not subtracted from his checking this day.
#2 Dec 4, 2019 - The date on his account statement that shows the funds being subtracted from his account.
#3 Dec 5, 2019 - CHASE made an automated note with the transfer that stated the funds would be “Delivered by Dec 5, 2019” (yet they were delivered on Dec 6, 2019).
#4 Dec 6, 2019 - The date I received the funds in my ETRADE savings account.
I’m guessing #2 (Dec 4, 2019) would be correct, as this might be considered the date the transfer is non-revocable?
Thank you.
