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    Gift Tax Return

    Hopefully an easy question for those who have prepared gift tax returns before - this is my first time. A couple gave their adult daughters cash gifts during the year totaling over $50K to each daughter. I know they can elect gift splitting and therefore exclude the first $26K of the gifts, which means each spouse will have to file a return. A couple questions:

    1. Since the money came from a joint account, should I list the gifts as given by the husband on his Sch A and then list them on the wife's Sch A as "gifts given by spouse"?

    2. The money was given at various times during the year, maybe 4 or 5 occasions to each daughter. Does each occasion have to be listed on Sch A, or can you use "various" as the date (or just use 12/31/11) and list the total amount given?

    Thanks for the help.

    #2
    If all the gifts are CASH, I would just list it on one date. But how difficult would it be to list each date..........
    This post is for discussion purposes only and should be verified with other sources before actual use.

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      #3
      Originally posted by BOB W View Post
      If all the gifts are CASH, I would just list it on one date. But how difficult would it be to list each date..........
      True, not that tough. Just did not know if it mattered as far as the IRS was concerned - especially since the 709 is paper file only.

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