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Level 4
March 17, 2021
Solved

GIFT TAXING AND FORM 709

  • March 17, 2021
  • 3 replies
  • 16 views

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)

 

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Best answer by SamuelO

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

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

 

3 replies

SamuelO
SamuelOAnswer
Level 3
March 17, 2021

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

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

 

Jerry CAuthor
Level 4
March 17, 2021

Thank you much!!!!

SamuelO
Level 3
March 18, 2021

Not a problem Jerry, I hope it helps!