A married couple gifted a property to their son. Should each of them file a gift tax return separately? Like the husband files a Form 709 to report that he gifted 50% of the property to his son and the wife files another Form 709 to report that she gifted 50% of the property to her son?
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Look ......
..... for a box on the 709 that asks if the spouse joins in the gifting.
It has been a long time since I have done one, so excuse my reply. But I do remember such a question years ago. If yes, then double any annual exclusion.
If I am wrong, don't think to badly of me.This post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content. -
Yes
File a separate return for each. Each spouse also has to sign the other return consenting to the splitting of the gift. Look in the upper middle section of page 1 of the 709. Pretty much self explanatory.
GeraldComment
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I'm not sure that this is an example of gift splitting. Typically, gift splitting occurs when ONE spouse owns property and gifts the property to a donee. In that case the other spouse can elect to treat the gift as a deemed split between the two spouses ( §2513(a)). The poster needs to describe the ownership of the property.
Two gift returns are needed in any case (whether it be gift-spitting or a gift of an undivded half interest in a property). I do not believe there is gift splitting in community property states (though there may be some arcane state laws). Typically, these gifts are held to be a gift of ½ by the H and ½ by the W.Comment
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