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Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

Gift

You must complete the Item number; Description; Date of gift; Donee(s), gift division; and Value at date of gift fields for a gift to be considered valid and included on Schedule A.

Item number

This field is mandatory. For each gift made, enter a unique number in this field. 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.

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 field 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 field, and an amount in the GST exemption (Force) field as necessary.

Explanation for other section 2632(c) election

The explanation displays as an attachment to the return.

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