Gifting

[Kram BergGold]

Recently I was told by a CPA that if parents have a joint checking account and the Dad writes out and signs a check for $13,000 as a gift to his chlld and Mom writes out and signs a $13,000 check to the same child that a gift tax return is not required. Is this correct?

[Gene V]

Recently I was told by a CPA that if parents have a joint checking account and the Dad writes out and signs a check for $13,000 as a gift to his chlld and Mom writes out and signs a $13,000 check to the same child that a gift tax return is not required. Is this correct?

The way I understand it that is correct, each person can give $13,000 to anyone.
Are you questioning this because it is from a joint checking account?

This is from TTB 21-29, this might help:

Form 709 for consenting spouse not always required. If only
one spouse made gifts over $13,000, the consenting spouse is not
required to file Form 709 if:
• The donor spouse did not give more than $26,000
to any one person,
• The consenting spouse either made no gifts
or gave $13,000 or less to other donees, and
• All gifts were present interests
.
Author’s Comment: The directions above are from the Form 709 instructions.
Regulation Section 25.6019-2 requires a return to be filed by
the consenting spouse only if the couple gave more than $26,000 to one
donee. Even if the consenting spouse gave gifts to the same donees, he
or she is not required to file if each donee received $26,000 or less.

[jimmcg]

Recently I was told by a CPA that if parents have a joint checking account and the Dad writes out and signs a check for $13,000 as a gift to his chlld and Mom writes out and signs a $13,000 check to the same child that a gift tax return is not required. Is this correct?

Based on the facts as stated the answer is yes.