"
from......https://www.irs.gov/instructions/i709
So if a married couple equally own a joint brokerage account (JTWROS) and they both agree to transfer stock worth $17,000 to an adult child ($8,500 gift from husband, $8,500 gift from wife)...(NOT a community property state).
1) Are they required to each file Form 709 indicating they each made a $8,500 gift?
OR
2) The primary SSN (husband) on the MFJ tax return files a Form 709 reporting all the gift and then completes Part 1, Lines 12 - 18, with spouse giving consent/signature to "split the gift"?
1 or 2?
Now add that the MFJ couple gifted two children the same way and multiple gifts to each (each of 2 children received a cash gift and stock). So each line lists the donee, gift info, etc...How are you supposed to fit all of the requested information on a 3" width Column B (see below)? Is attaching a page allowed?
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Describe each gift in enough detail so that the property can be easily identified, as explained below.
For real estate, give:
A legal description of each parcel;
The street number, name, and area if the property is located in a city; and
A short statement of any improvements made to the property.
For bonds, give:
The number of bonds transferred;
The principal amount of each bond;
Name of obligor;
Date of maturity;
Rate of interest;
Date or dates when interest is payable;
Series number, if there is more than one issue;
Exchanges where listed or, if unlisted, give the location of the principal business office of the corporation; and
CUSIP number. The CUSIP number is a nine-digit number assigned by the American Banking Association to traded securities.
For stocks:
Give number of shares;
State whether common or preferred;
If preferred, give the issue, par value, quotation at which returned, and exact name of corporation;
If unlisted on a principal exchange, give the location of the principal business office of the corporation, the state in which incorporated, and the date of incorporation;
If listed, give principal exchange; and
CUSIP number.
For interests in property based on the length of a person's life, give the date of birth of the person. If you transfer any interest in a closely held entity, provide the EIN of the entity.
For life insurance policies, give the name of the insurer and the policy number."
