Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- Industry Discussions
- :
- Tax Talk
- :
- Federal Gift Tax lifetime Exemption.
Federal Gift Tax lifetime Exemption.
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
joef
Level 1
09-06-2023
05:04 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Taxable gifts made in the years 1970-1975. Does any part of the Exemption used in the earlier years affect the Exemption for gifts made in 2021 and 2022 ???
1 Comment 1
sjrcpa
Level 15
09-06-2023
06:51 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Yes. Lifetime means lifetime. There may be some special rules for pre 1976 gifts. Check the instructions, I'm old, but I wasn't practicing then.
EDIT: It's pre 1977 gifts. See page 3 of the 709, Schedule B. I've got old clients who made gifts then.
Ex-AllStar
