No. Just accept the incorrect gifting transaction and move on. There's always next year.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 Lee_WSP — Thu May 23, 2024 12:44 am — Replies 4 — Views 307