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Get your taxes done using TurboTax
@Fran2021 one comment that may or may not apply to you depending on what state you live in: if you happen to live in a community property state, you and your wife could make a gift of up to $30,000 before triggering a filing requirement for form 709, because the gift would automatically be considered to have come 1/2 from each of you. In non-community property states, you could still make a $30,000 gift without exceeding the annual gift tax exemption, but to get that result you would have to file a 709 and elect gift-splitting.
‎January 15, 2021
10:47 AM