2018 gift tax return

Noel Biden, single lives at 536 Main St in Middle Twp., NJ 08230. She has 3 children (all adults): Jack Biden, Aron Biden, and Mary Scott. During 2018 Noel made the following gifts to her adult children: Jack: Commercial building in Ocean City acquired in 2012 at a cost of $1,000,000 with a current FMV of $2,000,000 Aron: Bayfront home in Sea Isle inherited in 2010 (value at inheritance of $1,100,000 current FMV $1,900,000) Mary: Vacation home in upstate PA purchased in 2006 cost $800,000; current FMV $2,000,000 Prepare a 2018 gift tax return on form 709 for Ms Biden whose social security number is 987-65-4321. Prepare the page one but stop after line three. Complete pages two and three. Note that Ms Biden made no taxable gifts in any prior year. Please make sure you United States Gift (and Generation-Skipping Transfer) Tax Return LuNo 1545-000 18 Go to www.irs.govlFom 709 for instructions and the latest infommation For gite made during cenda y0 20 Depatmnt of the Tmasury 4 Adress(rarntef. Steet, ard aputnert .oer City or towm tat or Yes No 9 10 youxtended the tieme to file this Form 708, check here Enter the total number of donees Isted on Schedule A Count each person only once aine 11b by you and by your spouse to third parties during the nstructions) f the anewer is "Yes, the bollowing information must be mished and your spouse must sign the consent 13 Name of consentirg spouse 15 Were you marie 9 Have you applied a DSUE amount reoeived tom a predeceased spouse to a giftor gits reported on this or a previous Fom 097 I Yes,"complete Schedule Enter the amount from Schedule A, Part 4, line 11 Enter the amount from Schedule B, ine3 Total taxable gifts Add Iines 1 and 2 Tax computed on anut onine 30ee Table brCompohng G Tax computed on arount on ine 2 eee Table br Camputhg G 4 5 Tar nrst ctonse Tar rstructors) Balance. Subtract line 5 from line Appicable crede amour " dnor has DSUE amount from preoceased spouses, or Restored Exduson Amort, enter amort from Scheie C. ine 5; otherwee, see "shd0 Enter the applicable credt against tax allowable for all prior pariods from Sch 8. ine 1, ook.Q 9 Baiance, Subtract ine 8 rom ine 7. Do not enter less than ero Enter 20% (020) of the anunt alowed as a spect eempton tor gns nade an, september 8, 1976, and before January 1, 1977 See instructions 10 F11 Balance. Subtract line 10 from ine 9. Do not enter less than eo Applicable credt. Enter the smaler of ine 6 or line 11 13 Credit for foreign git taxes (see instructions 1 Total credits, Add ines 12 and 13 5 Balance. Subtract line 14 from ine & Do not enter less than ze 16 Generation-skipping transfer taxes from Schedule D, Part 3.cof. H. to) 17 Total tax. Add ines 15 and 16 18 Gift and generation-skipping transfer taxes prepaid with extension oftime to e 17 18 line 18 s less than line 17, enter balance due. See instructions 20 Iine 18 s than lne 17, enter amount to be refunded 20 Here Signature of donor Paid PT Use Onlym For Disclasure, Privacy Act, and Paperwork Reduction Act Notice, see the instructions for this fom Cat No. 16783u om 709 poss Form 709 (2018 Page 2 SCHEDULE A Computation of Taxable Gifts Including transfers in trust (see , Check here if you elect under section 529OR0B)toteat arytrvstri-fisyew to a aarel tation program as made ratably over a S-year period Part 1-Gfts to Gift Tax. Gifts less col G from Total of Part 1.Add from Part 1, column H Part 2-Direct Skips. Gifts that are direct skips and are subject to beth ght tax and generation-skipping transfer tax. You must list the gifts in Donee's name Relatonship to donor f an For solit Netl tranfer G from rthe gift was of securities, gve CUSIP no. Eclosely held enty give EiN Gifts made and he/she also made Total of Part 2. Add amounts from Part 2, column H Part 3-Indirect Skips. Gfts to trusts that are cumently subject to gift tax and may later be subject to must ist these gifts in chronological order transfer tax. You Donee's name For split Tthe gift was of seourities, give CUSIP no. s with your spouse and he/she also mmade Total of Part 3. Add amounts from Part 3. column H ff more space is needed, aftach addlitional statements Fom 709 go1) Form 709 (3018) Page Total value of gifts of donor. Add totals from column H of Parts 1,2, and 3 2 Total annual exclusions for gifts listed on line 1 (see instructions) 3 Total included amount of gifts Subtract Ine 2 from Iine Deduetions (see instructions) 4 Gits of interests to spouse for which a manital deduction wis be claimed, based of Schodule A 5 Exclusions attrbutable to gifts on line 7 Charitable deduction, based on iterm nos 8 Total deductions. Add ines 6 and 7 9 Subtract ine 8 from line3 10 Generation-skipping transfec taxes payable with this Form 709 from Schedule D. Part 3 11 Taxable Terminable Interest (QTIP Marital Deduction. (See i If a trust (or other property) meets the requirements of quaified teminable interest property under section a. The trust jor other property) is isted on Schedule A and b. The value of the trust for oher property) is entored in whiole o in part an a deduction on Schedude A Pat 4, Iine 4 section 25230 If less than the entre value of the trust for other property) that the 4, the donor shal be considered to have made an election only as to a fraction of the trust for other property). The numerator of this fraction is equal to the amount of the trust (or other property) deducted on Schedule A, Part 4, line 6. The denominator is equal to the total value of the trust for other property) isted in Parts 1 and 3 of Schedule A If you make the QTIP election, the terminable interest property involved will be included in your spouse's gross estate upon his or her death section 2044). See nstructons for ine 4 of Schedule A.! your spouse disposes (by gift or otherwise of al or part otthe qualfyinglite rone rterest. heor she will be considered to have made a transfer of the entire property that is subject to the gilt tax See Transter of Certain Life Estaes Receved From Spouse in the instructions. 12 Election Out of OTIP Treatment of Anrnuities Check here if you elect under section 252316) not to treat as qualified teminable interest property any jpint and survivor annuities that are reported on Schedule A and would otherwse be treated qualfied term nable interest property under section 30) See nstuctons Et tem numbers from Schedule A for the annuities for which you are making this election SCHEDULE B From Prior Periods If you answered "Yes" on line 11a of page 1. Part 1, see the instructions for completing Schedule B. you answered-Na. skip to the Tax Computation on page 1 (or Schedule C or D, i applicable). Complete Schedule A before beginning Schedule B. See instructions for recalculation of the column C amounts. Attach calculations. Calendar year or canda quater Intersal Ravenue office where prior Amount of applicable credt unified ceateption for pri for periods aerperiods ending betore December 31, 197 January 11977 1 Totals for prior periods 2 Amount, if any, by which total specific exemption, ine 1, column D, is more than $30.000 3 Total amount of taxable gifts for prior periods. Add amount on ine 1, column E, and amount, if any, on line 2 Enter here and on page 1, Part 2-Tax Computation, ine 2 If more space is needed, attach additional statements) Fom 709 g2018