I gave my son in law $60,000. How do I fill out form 709, it’s very confusing. Help!!?

[hemberger-judy]

Can anyone walk me through how to fill out form 709?

[ZoltanB45]

Turbo Tax does not support that form, but you can manually fill it out. Begin on page 2 or schedule A. Based on my assumption, you would fill in only part 1 of schedule A. Since it is cash, the value and basis would be the amount given. It wasn't split so that should also be the net transfer amount.  

Then go to the following page or part 4 and bring in the numbers from schedule A part 1.

[hemberger-judy]

Thanks, I think I’ve got it. I know I owe no tax so hopefully the IRS won’t look for perfection in the form.  Thanks

[Leonard1-]

 My wife gave same amount to my son and we have a joint account .How do we fill out Schedule A part 1

[TomD8]

@Leonard1- 

TurboTax doesn't support IRS Form 709, but there's a YouTube video that's pretty good on how to fill it out.  Here's a link:  https://youtu.be/5Z_28sVOrTY

[George Kaplan]

This video doesn't address the issue of gift splitting at all.

[RobertB4444]

On page one of the 709 on line 12 there is a box to check that asks if you consent to split the gifts with your spouse.  If you check 'yes' on that box then any gifts that you enter on the form are automatically viewed as coming equally from you and your spouse.

@George Kaplan 

[TomD8]

@George Kaplan --

This video specifically addresses gift splitting:

FAQ #32 - Gift Splitting (youtube.com)