Client gifted cash, shares of stock in GE and real estate to his son within (3) years of his death (no life estate or reversionary interest.) The donors estate is taxable. Is the cash, shares of stock in GE and real estate included on Schedule G of Form 706? In other words, included in the estate? Donor did not file a gift tax return. Not a taxable gift because the $1 million gift tax exclusion has not been exhausted.
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Yes But...
You didn't mention if the gift went over $12,000.00 to any 1 individual in any 1 tax year? (stock valued at date of gift amount, not basis). -
Gifts within 3 years of death
Yes. The gift went over $12,000 to (1) individual in (1) tax year. I did use FMV at date of gift. It was not my responsibility at the time to file the gift tax return for the donor. I am doing the Form 706 and so far I have included the gift in Form 706. The return is in "draft"
form.
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