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Deductions & credits
Thanks @DoninGA for confirming my understanding. But just a nit: you are separating the individual limits. But since the joint limit is $30k, are you saying that 2 separate forms would need to be submitted, dividing the excess above $30k between them both? As I hope I noted in my post, the gift will exceed the $30k joint gifting limit, so i assume we just need to file one Form 709 for us both (since we file jointly) for the amount over the $30k annual limit...right?
‎October 24, 2021
10:35 AM