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wittlguy
New Member

If I want to gift my wife $10,000 do I need to fill out any forms such as a 709?

 
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1 Reply
Phillip1
New Member

If I want to gift my wife $10,000 do I need to fill out any forms such as a 709?

No.

Most gifts between spouses are unlimited. Therefore no Form 709 is required, unless certain circumstances are met:

Gifts to your spouse. You must file a gift tax return if you made any gift to your spouse of a terminable interest that does not meet the exception described in Life estate with power of appointment, or if your spouse is not a U.S. citizen and the total gifts you made to your spouse during the year exceed $149,000. You also must file a gift tax return to make the Qualified Terminable Interest Property (QTIP) election described under Line 12. Election Out of QTIP Treatment of Annuities. 

Except as described earlier, you do not have to file a gift tax return to report gifts to your spouse regardless of the amount of these gifts and regardless of whether the gifts are present or future interests. 

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