I am in the process of completing a gift tax return, I was going to make it a joint gift from husband and wife. Wife just passed away a couple days ago. Can I still make a joint gift for 2005?
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TTB, page 21-22, "A husband and wife cannot file a joint gift tax return. Each spouse must file a return if he or she meets the requirements. Spouses can elect to split gifts if both spouses agree. If the election is made, all gifts made during the year by either spouse to third parties are considered made one half by each spouse....Gift splitting is not needed if spouses make gifts of assets they hold as joint tenants, tenants by the entirety, or as community property. Gifts of these assets are considered to be made one-half by each spouse. Spouses elect gift splitting when a gift was made of an asset owned by only one spouse or from funds belonging to one spouse."
The personal representative is responsible for filing a gift tax return for the decedent. I would assume the personal representative can make the gift splitting election on behalf of the decedent. -
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