I live in a community property state, so per the IRS instructions for form 709, "If a gift is of community property, it is considered made one-half by each spouse. For example, a gift of $100,000 of community property is considered a gift of $50,000 made by each spouse, and each spouse must file a gift tax return".
However what if the gift(s) of community property to a single recipient totaled $30,000. In that case, would it be considered a gift of $15,000 made by each spouse and neither of us would need to file a gift tax return since it is below the $17,000 annual exclusion amount. Does my interpretation sound correct?
