I have searched TTB and the IRS pub but I cannot find the answer to what seems like pretty basic questions. Hubby made clearly reportable gifts to one child, gifts totaling under 13K each to other children and shared in charitable contributions with wife. Wifey made contributions under 13K each to two of the children. Hubby expects to die first so I am not inclined to gift split but feel free to say so if you feel other considerations should make me think about splitting. I know that hubby has to file a Gift Tax return but what gifts must he report? Also if one recipient got multiple gifts can I list them all as one gift on the form? Finally must Wifey file a gift tax return if they do not split? Remember that she made no gifts above 13K to any one person.
-
-
On H's GTR he does not need to list the gifts to any donee if the total value of all gifts to that donee is $13,000 or less. (F-709 instructions, page 6.)
All reportable gifts are supposed to be listed separately. However, I believe common sense should prevail. If a parent gave, say, $1,000 per month to child X, plus an extra $5,000 one other time, like at Christmas or on his birthday, I would just list the gift as "$17,000 cash given at various times during the year." Or I might list the $5,000 gift separately and the other $12,000 as a single lump-sum item.
If H&W do not elect gift-splitting, and she has no reportable gifts of her own, she does not need to file a GTR.
All of the above information can be found right in the instructions for F-709 itself.Roland Slugg
"I do what I can." -
TY Roland
I often forget the instructions. I do decently checking the pubs and my secondary sources but too often overlook the instructions.Comment
Comment