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R
Romper
January 19, 2025
Solved

Gift Tax Form 709 - Source For Column C on Schedule B

  • January 19, 2025
  • 1 reply
  • 0 views

Form 709 for 2024...

Instructions for Form 709 are poorly written.

Cutting to the basic question:

Does the input for Schedule B, Column C  come from the Worksheet, Column N?

Instructions for Schedule B for less than $500k state - In column (c), enter the amount of applicable credit actually applied in the prior period.

There is no definition of Credit Actually Applied in the instructions nor does the Worksheet have a column titled Credit Actually Applied.

Column N of the Worksheet states - Credit Allowable. 

Thanks in advance..

    Best answer by M-MTax

    If under $500k it's Column N of the worksheet.

     

    You use the amount actually applied. 

     

    If you do not have the prior 709s, then seek professional help.

    1 reply

    M-MTax
    M-MTax
    January 19, 2025

    Yes here --> https://www.irs.gov/instructions/i709#en_US_2024_publink1000292383

     

    Unless, as noted, total prior gifts are $500k or less.

    R
    RomperAuthor
    January 19, 2025

    Thanks for the quick response.

    Please explain - Unless, as noted, total prior gifts are $500k or less?

    Is the following correct?

    If under $500k it's Column N of the worksheet.

    If over $500k it's still Column N of the worksheet but a redetermined amount.

    M-MTax
    M-MTaxAnswer
    January 19, 2025

    If under $500k it's Column N of the worksheet.

     

    You use the amount actually applied. 

     

    If you do not have the prior 709s, then seek professional help.

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