Jerry C
Level 4
‎03-17-2021 05:29 PM

I have an Aunt that is giving approx $130,xxx to her niece. There is no Generation skipping. Is the reporting of the gift just simply Filling out Form 709 Less the 2020 exclusion of $15,000 then Tax the remaining balance as a gift?? Can that Tax be as high as 25-30% (from the Gift Tax Table)

 

SamuelO
Level 2
‎03-17-2021 05:46 PM

That sounds correct, per the 709 Donee "about":

not a skip.png

and I believe you are correct on the taxable amount, per IRS instructions:

tax table.png

 

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Jerry C
Level 4
‎03-17-2021 06:03 PM

Thank you much!!!!

SamuelO
Level 2
‎03-18-2021 05:26 PM

Not a problem Jerry, I hope it helps!

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