GIFT TAXING AND FORM 709

[Jerry C]

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 · Accepted solution]

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

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

[Jerry C]

Thank you much!!!!

[SamuelO]

Not a problem Jerry, I hope it helps!