Just fix your mistake and move on with your life.My goal is to avoid the dreaded 709 tax form. I accidentally transferred between fidelity accounts $17,500 of the wrong stock to my daughter yesterday. She would like to transfer the stock back to me and then I can transfer $17,500 of the correct stock shares to her. The issue being I do not want the IRS to consider that I gifted her $17,500 twice, or $36k, which would require a gift tax form on my part. I don’t know how the IRS knows how much I have gifted her so I don’t know how to properly reverse what I did, so in effect to reset the gift counter to zero after the original shares are returns to me. I think there are formal ways to disclaim a gift on the 709 form but I think that would be for gifts larger than the annual exclusion amount. And also that would require filing the dreaded form. Which I have done in the past and found it *extremely* convoluted and difficult.
Statistics: Posted by toddthebod — Wed May 22, 2024 11:12 pm — Replies 1 — Views 178