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Get your taxes done using TurboTax
Hello DanielV01. Understand how to complete Form 709 to split gifted amount when gifting to one person. However, if a "wired" amount is going to an escrow for a married couple and gifts are to both of the couple, how does one complete the form 709? The one amount is from two people (married, from a joint account) going to two people, who are married, to their joint escrow account for buying a house. This is done because the escrow company wants a wired amount over a check, even a cashier's check, and because sending money via wire is expensive (want to send one wire versus up to four separate wires). Escrow company also prefers funds coming directly from us versus first being gifted to each individual. Thanks for your assistance.
March 28, 2021
2:26 PM