- You can only split gift if the gift came from your individual account. That is, an account that's in your own name solely (without your spouse's name on it). The account only holds money you had before you got married, or maybe the money was an inheritance from your folks given only to you, or you and your spouse had a prenup specifying that the money belongs only to you.
If the source of your gift is NOT from such an account, then forget about gift splitting.
Reading the form 709 instructions
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Lines 12–18. Split Gifts
A married couple may not file a joint gift tax return. However, if after reading the instructions below, you and your spouse agree to split your gifts, you should file both of your individual gift tax returns together (that is, in the same envelope) to help the IRS process the returns and to avoid correspondence from the IRS.
If you and your spouse both consent, all gifts (including gifts of property held with your spouse as joint tenants or tenants by the entirety) either of you make to third parties during the calendar year
will be considered as made one-half by each of you if all of the following apply.
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From the above I seem to read it as gifts held jointly with the spouse (i.e. joint checking account such as JTWROS including community and non community states) can be treated as eligible for gift splitting. Am I misunderstanding this?
