Hello GZ49,
I understand that this is a very complicated form to complete. You may need to see your accountant to do this for you if the steps below are not clear.
Schedule B of your Form 709 requires that you list out all your prior year taxable gifts with details about the calendar year of the gift, the IRS office where you filed your Form 709, the exclusion amounts for each year and the credit amount for each year. Depending on which prior years that are applicable to you
Column A. If you filed returns for gifts made before 1971 or after 1981, show the calendar years in column A. If you filed returns for gifts made after 1970 and before 1982, show the calendar quarters.
Column B. In column B, identify the IRS office where you filed the returns. If you have changed your name, be sure to list any other names under which the returns were filed. If there was any other variation in the names under which you filed, such as the use of full given names instead of initials, please explain.
Column C. To determine the amount of applicable credit (formerly unified credit) used for gifts made after 1976, Select from Column C in the table below.
Column D. In column D, enter the amount of specific exemption claimed for gifts made in periods ending before January 1, 1977. (Select from Column B in the table below)
Column E. In column E, show the correct amount (the amount finally determined) of the taxable gifts for each earlier period. See Regulations section 25.2504-2 for rules regarding the final determination of the value of a gift.
Note. Amounts shown in column E should reflect all taxable gifts, even if no gift tax was paid due to the applicable (formerly unified) credit.
(as Recalculated for 2022 Rates)
|
Period
(A)
|
Exclusion Amounts
(B)
|
Credit Amounts
(C)
|
| 1977 (Quarters 1 & 2) |
$30,000 |
$6,000 |
| 1977 (Quarters 3 & 4) |
$120,667 |
$30,000 |
| 1978 |
$134,000 |
$34,000 |
| 1979 |
$147,333 |
$38,000 |
| 1980 |
$161,563 |
$42,500 |
| 1981 |
$175,625 |
$47,000 |
| 1982 |
$225,000 |
$62,800 |
| 1983 |
$275,000 |
$79,300 |
| 1984 |
$325,000 |
$96,300 |
| 1985 |
$400,000 |
$121,800 |
| 1986 |
$500,000 |
$155,800 |
| 1987 through 1997 |
$600,000 |
$192,800 |
| 1998 |
$625,000 |
$202,050 |
| 1999 |
$650,000 |
$211,300 |
| 2000 and 2001 |
$675,000 |
$220,550 |
| 2002 through 2010 |
$1,000,000 |
$345,800 |
| 2011 |
$5,000,000 |
$1,945,800 |
| 2012 |
$5,120,000 |
$1,993,800 |
| 2013 |
$5,250,000 |
$2,045,800 |
| 2014 |
$5,340,000 |
$2,081,800 |
| 2015 |
$5,430,000 |
$2,117,800 |
| 2016 |
$5,450,000 |
$2,125,800 |
| 2017 |
$5,490,000 |
$2,141,800 |
| 2018 |
$11,180,000 |
$4,417,800 |
| 2019 |
$11,400,000 |
$4,505,800 |
| 2020 |
$11,580,000 |
$4,577,800 |
| 2021 |
$11,700,000 |
$4,625,800 |
| 2022 |
$12,060,000 |
$4,769,800 |
I hope this answers your question.
Best regards
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