Form 709 - Significant volume of stock gifts
An individual gifted 61 different stocks/bonds to each of two children and now needs to complete Form 709 as the value was well over the $15k/$30k limits.
Questions:
Does a separate line need to be completed for each security (detailing description, shares, CUSIP, cost basis, market value)?
Or, can a summary line be completed for each child and list the property as "Various Securities" with a total of basis and FMV?
If the lines need to be detailed out, is there a way to upload the information to Lacerte?
Or is there a way to attach a PDF to the Gift Tax return? I don't see a PDF attachment screen like there is on the 1040.
I have all the data in an Excel file, but completing 122 lines (2 donees, 61 securities) in Lacerte is not appealing or profitable!
