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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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My mother would like to transfer ownership of some mutual

Customer Question

My mother would like to transfer ownership of some mutual fund investments to me. It is in excess of the $14,000 annual exclusion, and below the $5.43 lifetime basic exclusion amount. There are no prior Gifts, and we are both US Citizens. I understand she would file a Gift Tax Form 709 by next April 15.My question is about Form 709. Using a hypothetical example, can you fill out lines 3-20 for me, so I can use it for a reference? Are there State Gift tax implications? She lives in Kansas, and I live in Maryland.
Thank you.Doug
Submitted: 1 year ago.
Category: Tax
Expert:  PDtax replied 1 year ago.

Hi from just answer. I'm PDtax. I can assist.

The amount of work you need will suggest a price increase fit the example and two state gift tax consequences.

I will post an Offer of Additional Service for that price increase, and can work on this today if we make a deal.

Customer: replied 1 year ago.
I am considering your offer. Thanks.