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    talhasaleem1990's Avatar
    talhasaleem1990 Posts: 41, Reputation: 1
    Junior Member

    Apr 10, 2022, 04:33 PM
    Does the lifetime gift tax credit only apply for citizens?
    I am a green card holder and trying to figure out if I qualify for the $11.7mn lifetime gift tax exclusion.

    I am looking at the instructions for Form 709 and I can't understand the terminology. It doesn't refer to citizens or permanent residents but instead uses terms like "nonresident not a citizen of the United States. Would appreciate any help.

    The term “citizen of the United States” includes a person who, at the time of
    making the gift:
    • Was domiciled in a possession of the United States,
    • Was a U.S. citizen, and
    • Became a U.S. citizen for a reason other than being a citizen of a U.S. possession or being born or residing in a possession.

    A nonresident not a citizen of the United States includes a person who, at
    the time of making the gift:
    • Was domiciled in a possession of the United States,
    • Was a U.S. citizen, and
    • Became a U.S. citizen only because he or she was a citizen of a possession or was born or resided in a possession
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert

    Apr 10, 2022, 04:45 PM
    IRS Form 709 is the form for a Gift Tax Return.

    It seems clear to me that you are NOT a tax professional with experience filing gift tax returns.

    I have a very simple solution for you.

    File an extension for the gift tax return. If you have NOT YET filed your personal federal return, then file Form 4868. Best to do this electronically so you have an acceptance notice as proof that the extension was filed. The extension of your personal return applies to the Gift Tax return as well.

    If you have already filed your 2021 federal tax return, then download IRS Form 2350 and submit that form for an extension on your gift tax return.

    Then take all of the paperwork associated with the gift tax return sometime in late May to a tax professional you trust and let HIM or HER prepare the gift tax return.

    I say this because there are some returns that should NEVER be filed by an amateur. The GIFT TAX RETURN is one of those returns.

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