Thanks DanielV01!! Have completed the Form 709 and am stuck on only one line in General Information, line #17, which is "Will a gift tax return for this year be filed by your spouse?" Trying to determine if we fall under Exception 1 in the Instructions, which is:
- Only one spouse made any gifts
- The total value of these gifts to each third-party donee does not exceed $30,000
- All of the gifts were of present interest
A) Is the "...total value of these gifts..." the value before or after the split?
B) Are we computing the total value of the gifts across all donees, or is the threshold the total value of all gifts to just one donee? So if we give $25,000 to our son, and $25,000 to our daughter-in-law, and are splitting the gifts, are we under the $30,000 threshold for having my spouse file a Form 709 Gift Tax Return?
C) In your Reply, you say "... That means total you can gift $60,000 before reporting anything ...". Do I understand what you are saying, for this scenario, is that you can gift up $60,000 before a gift tax must be accounted for, however, if you and your spouse are splitting the gift(s), you must still file a Form 709? That is how I read the section "Who Must File" in the Form 709 Instructions.
Thanks again for your help!!!!
