Thanks again Tagteam...
The instructions for Form 709 are written so poorly that I question how many returns are really done correctly.
I should probably initiate a new question for the following but I'll give it a try here given your expertise.
We are Arizona residents so our assets are Community Property (no separate property). As such, I divide the gifting for 2021 in half. Reporting equal halves of the gifting on my For 709 return and half on my wife's return.
The software I use is very elementary with very few instructions.
Question:
After filling out the General Information on page 1 for each of our returns.
For my Form 709 - My software provider says to report my half of the Taxable Gifts on the donors section of Schedule A, Part 1 and my wife's half on the Gifts Made By Spouse section of Schedule A, Part 1.
I then am advised to select the Split option for all gifts.
I do the same for gifts to our grandson and his spouse under Schedule A, Part 2, Direct Skips.
For my wife's Form 709:
Repeat the above for her return. Since I divided the total Taxable Gifts in half, the entries will be identical.
Does this sound correct?
Thanks again
