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ZoeyN
Level 2
March 7, 2023
Solved

Do I need to file form 709?

I transferred $25k in total to my child during 2022 from the joint bank account with my husband.  Do I and my husband need to file form 709 even though the taxable gift amount is going to be $0 after splitting 1/2 and deducting the annual gift exclusion?  Would the annual gift exclusions be $32k for a married couple if the gift money is transferred out from a joint bank account?
Anonymous_Answer
Level 15
March 7, 2023

The gift would be treated as having been made one-half by each spouse.

 

See https://www.irs.gov/instructions/i709#en_US_2022_publink16784xd0e314

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Anonymous_Answer
Level 15
March 7, 2023

The gift would be treated as having been made one-half by each spouse.

 

See https://www.irs.gov/instructions/i709#en_US_2022_publink16784xd0e314

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