form 760 gift for amounts under the yearly limit

[Budmeister]

client prepares form 760 each year, this year he gifted only $1,500 to each child, is this years gifts have to be added to his existing accumulated gifting?  So are those "under $17,000 gifts" label Not Taxable part of his accumulated lifetime gift amount-  and each year a form 760 needs to be filed/

Thanks  Joe

[sjrcpa]

A 706 does not need to be filed for gifts under the annual exclusion amount that qualify for the annual exclusion.

[Budmeister]

Understood-- but is the $1,500 need to be added to his previous accumulated gifts of say $800,000?

Thanks for your time and knowledge

[BobKamman]

No, and the accumulated gifts should not include any amounts for any years to the extent that they were less than the exclusion.  Form 706 only accumulates the excess gifts over the exclusion.  

Is he paying you to ask us here for free advice?  

[BobKamman]

@sjrcpa He faked us both out, of course it's Form 709 he's asking about, not 706.  

[sjrcpa]

🤣 Yes he did.

[Budmeister]

thank you both gentlemen for your help- and I was incorrect in my question as to the form number- I meant 709.

[IRonMaN]

Tip of the day - don't assume only guys answer questions here.

[abctax55]

Especially posters with purple hair.