Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Taxpayer has a gift to a child of $150,000 in 2017. I

Customer Question
Taxpayer has a gift...

Taxpayer has a gift to a child of $150,000 in 2017. I understand the annual exclusion but where on for 709 do you reduce the remaining 136,000 because of the lifetime exclusion?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Nothing else to tell

Submitted: 4 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 11 minutes by:
3/6/2018
Tax Professional: Lev, Tax Advisor replied 4 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,142
Experience: Taxes, Immigration, Labor Relations
Verified

the lifetime exclusion is not working as "exclusion" ...

instead - we calculate tentative gift tax liability based on taxable gift amount - in your situation $136,000

and after that - we apply an unified credit - which is calculated based on the lifetime exclusion.

So - when you prepare form 709 - you will report Applicable credit amount - but not more than the tentative gift tax liability.

Questions?

Ask Your Own Tax Question
Tax Professional: Lev, Tax Advisor replied 4 months ago

If you still have any doubts, need clarification - please be sure to ask.

I am here to help you with all Social Security / Tax related issues.

Ask Your Own Tax Question
Tax Professional: Lev, Tax Advisor replied 24 days ago

I appreciate if you take a moment to rate the answer.

Experts are ONLY credited when answers are rated positively.

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,142
33,142 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
In March of this year I ask this question from one of your
In March of this year I ask this question from one of your advisors and paid the fee. … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,142 satisfied customers
I'M single and FILING A GIFT TAX return with several gifts
I'M single and FILING A GIFT TAX return with several gifts over the 14000 annual exclusion totaling 15000. Isn't there an additional exclusion for up $1000,000 and where do you enter it on form 709? … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,142 satisfied customers
I am looking for CPA assistance. I am looking to see what
I am looking to see what the taxes would be for the Giver of a Money gift if they gave myself 150,000. … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
My mom gave me cash gifts adding up to about $73,000 in 2012
My mom gave me cash gifts adding up to about $73,000 in 2012 and I am trying to help her fill out IRS form 709. This is the only time she has gifted anyone an amount larger than the annual exclusion. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
How much can you gift in one year to one individual. Is it
How much can you gift in one year to one individual. Is it still $13,000 wife can give and husband can give $13,000 also. or is there a new gifting rule?? Something about $1,000,000 in your lifetime.… read more
CPALand
CPALand
Controller
Master's Degree
16 satisfied customers
I have a fixed municipal bond in my name and my sons name.
I have a fixed municipal bond in my name and my son's name. I would like to take my son's name off the bond and place my son as payable upon death. If my son signs off the bond, will he need to pay gi… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
My sister wants to give me $40k from a life insurance policy
My sister wants to give me $40k from a life insurance policy of my late brothers. I understand the gift tax is exempt up to $13k per year. Do we need to document any of this "gifting". The IRS also sa… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
i declared bankruptcy nov 09 in ga can i give 21 yr old son
i declared bankruptcy nov 09 in ga can i give 21 yr old son $21,000 to buy foryclosed home? should it be divided w 19 yr old brother because of $13,000 limit it is ss disability $ will i get in troubl… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
Can my grandmother give me her house I dont understand who
Can my grandmother give me her house? I don't understand who pays taxes on the gift. thank you… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
My grandfather has put my name on $269,000.00 worth of CDs
My grandfather has put my name on $269,000.00 worth of CD's which mature July 3, 2010. He has asked me to cash them and purchase a rental home in which he can live for part of the year. What are the t… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
my wifes mother is quite ill and we currently rent her house.
my wife's mother is quite ill and we currently rent her house. the house is in her name and she wants to donate the house to my wife. her 2 sisters and 1 brother are willing to sign the house over to … read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
My nephew who lives in NC was the beneficiary of his fathers
My nephew who lives in NC was the beneficiary of his father's life insurance policy ($81,000) and his father requested that he pay off his mother's mortgage (her home is in AL). Can he do this without… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
If i buy a house and pay it fully,and than give it to my son
If i buy a house and pay it fully,and than give it to my son as a gift,do i have to pay taxes? or if i give cash money to him ,do i have to pay taxes ,is there a maximum of what i can give as a gift ?… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
My father, transfered title of the family home in Syracuse
My father, transfered title of the family home in Syracuse NY to me 4 years ago. He died in November of this year. The home was bought in the 60's for $30,000 and is now worth approx $150,000 (I had i… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
My estate consists of whole-life insurance policies [currently
My estate consists of whole-life insurance policies [currently $162K} and CD's and cash {currently $183K}. I live comfortably on my pensions. I would like to transfer $50K to each of my three children… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
My son is purchasing a home. On the application it will show
My son is purchasing a home. On the application it will show that I will give him a gift of $50,000. How will his income tax be affected by this gift? Can I give each of my grandchildren the allowed $… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
HOW MUCH MONEY CAN A PARENT GIVE TO A CHILD WITH TAX CONSEQUENCES
HOW MUCH MONEY CAN A PARENT GIVE TO A CHILD WITH TAX CONSEQUENCES TO THAT CHILD? AND IF WE TAKE MONEY OUT OF A REGULAR CD AND PUT IN OUR CHECKING ACCOUNT, THERE ARE NO TAX CONSEQUENCES, RIGHT?… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
Hi and thanks in advance! The more I research and read the
Hi and thanks in advance! The more I research and read the more confused I get... We are looking to buy a house together with my Dad, and he is ready to give us $130,000 towards this. I'm concerned if… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x