I gifted my daughter $200,000. The 709 says I owe $50,000 in taxes. How do I apply the lifetime exemption without paying the $50,000 the 709 says I owe?

[tagteam · Accepted solution]

"How do I apply the lifetime exemption without paying the $50,000 the 709 says I owe?"

I suspect you may have failed to insert your credit amount on Line 7 of Part 2 (page1). 

See page 18: https://www.irs.gov/pub/irs-pdf/i709.pdf

If the task appears to be too daunting, there is software available that you may find useful, now and in the future.

See http://www.puritas-springs.com/products.aspx