@Terri Lynn wrote:Here are the key situations where a gift tax return (IRS Form 709) is required:
- When spouses split a gift: If a married couple decides to "split" a large gift to a third party to take advantage of both of their annual exclusions (for example, giving $38,000 to one person), they both must file Form 709 to make that election, even if the amount is less than the total combined exclusion.
Sorry, but I just had to point out that if the gift comes from a joint account (JTWROS) or community property and is less than the annual exclusion, no gift tax return is required.
