Screen Gift - Gifts (709)

Gift

You must complete the
Item number
;
Description
;
Date of gift
;
Donee(s)
,
gift division
; and
Value at date of gift
boxes for a gift to be considered valid and included on Schedule A.
Item number
This is mandatory. For each gift made, enter a unique number in the box. If you do
not
enter an item number, the gift isn’t reported on the return.
Description: With units
For each gift with a number of units, enter the number of units and a complete description of the gift. The number of units is multiplied by the percentage of the gift that each donee receives.
Description: Text only
For gifts without a number of units, enter a complete description of the gift.
Given by
Enter 3 for a joint gift given by the donor and the spouse. Half the value entered of a joint gift is reported on the donor’s return and half the value is reported on the spouse’s return.
Donee(s), gift division
Completing the Donee(s), gift division statement is mandatory. If you leave this statement blank, the gift is ignored.
Future interest
If you enter
X
in this box to indicate that the gift is of a future interest, the allowable exclusion for this gift calculates to
0
(zero).
Election out of section 2632(b)
The election displays the description of the gift, and does not calculate an exemption for this gift.
Election out of section 2632(c)
The election displays the description of the gift and the trust. It does
not
calculate an exemption. To make an election under section 2632(c)(5) other than the section 2632(c)(5)(A)(i)(I) election, enter a description in the
Explanation for other section 2632(c) election
box, and an amount in the
GST exemption (Force)
box as necessary.
Explanation for other section 2632(c) election
The explanation displays as an attachment to the return.
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