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.
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.
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