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J
Jaimeleebang
May 7, 2021
Question

FORM 709 - Gift Tax - Schedule A Part 1

  • May 7, 2021
  • 1 reply
  • 0 views

Hi,

I made electronic cash transfers from my US bank account to my father’s US Bank account using Zelle every months in 2020 for total 65K.

I am filing up the FORM 709, to report and get the lifetime gift tax exclusion.
In Schedule A Part 1, should I need to put every single cash transfer (it will be 20 transfer) or Sum of all transfer with date “2020”?

1 reply

A
Anonymous_
Employee
May 7, 2021

It is safest (and most accurate) to record each transaction and then total them.

 

However, for all cash transfers I have seen returns with one total input on one line (to one donee) and the date reported as 12/31. 

J
JaimeleebangAuthor
May 7, 2021

Thank you so much.

 I will put SUM and put 12/31/20 as date, because I am transferring every other week in 2021 also.

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