Hello and thanks for trusting me to help you today. I am a tax adviser with over 20 years of experience.
The date you gifted the property would be used and you would need to claim the full amount for yourself, that is true.
The fact that you are showing a balance due on the gift may mean that you did not claim the lifetime allowance or you have used up your lifetime allowance.
unified credit allows you to postpone your gift tax
bill (this is your lifetime allowance). Under gift tax law
(for deaths in 2014), each of us can give away or leave up to $5.34 million without owing federal gift tax. So, for example, if during your life you give your children your house, worth $1 million, plus another $4 million in stocks and bonds, no federal gift tax will be due. The exemption amount is indexed for inflation and goes up each year.
If you have not already used up all your Unified Credit, you should not owe any Gift Tax.
If the property was valued at $20,000 you would use first your $14,000 for the year (that would leave $6000 to be applied against the Unified Credit)then reduce your lifetime amount under the Unified Credit.
If by chance you have used up all your lifetime allowance then yes, you would then owe Gift Tax.
I would strongly suggest you have the Form
709 reviewed by a Tax Professional near you to make sure it was completed correctly.