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

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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?

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Submitted: 1 month ago.Category: Tax
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Answered in 11 minutes by:
3/6/2018
Tax Professional: Lev, Tax Advisor replied 1 month ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,744
Experience: Taxes, Immigration, Labor Relations
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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.

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Tax Professional: Lev, Tax Advisor replied 1 month ago

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