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john3939
December 18, 2020
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What line on form 709 do i report the $11,580,000 lifetime exclusion ?

  • December 18, 2020
  • 1 reply
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Form 709 is overly complex to report that i owe no gift tax.  I cannot figure out which line to show the lifetime exclusion so my paltry $10000 gift over the $15000 exclusion doesn't result in tax
Best answer by Anonymous_

Typically, you enter the applicable credit (not the exclusion amount) on Line 7 of Part 2.

 

See https://www.irs.gov/instructions/i709#idm140535812187088

1 reply

A
Anonymous_Answer
Employee
December 18, 2020

Typically, you enter the applicable credit (not the exclusion amount) on Line 7 of Part 2.

 

See https://www.irs.gov/instructions/i709#idm140535812187088

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