Do I need to file gift tax return for $28,000 out from joint account?

If I gift out $28,000 (in one transaction) from a joint checking account hold by my spouse and I together, can I consider this transaction as gift by my my wife and me together in order to get $28,000 exclusion? do my wife or me need to file gift tax return?

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Do I need to file gift tax return for $28,000 out from joint account?

No.

What if my spouse and I want to give away property that we own together?

You are each entitled to the annual exclusion amount on the gift. Together, you can give $28,000 to each donee (2014, 2015, 2016 and 2017). https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-tax...

Additional reference: http://community.lawyers.com/forums/t/130037.aspx

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Do I need to file gift tax return for $28,000 out from joint account?

No.

What if my spouse and I want to give away property that we own together?

You are each entitled to the annual exclusion amount on the gift. Together, you can give $28,000 to each donee (2014, 2015, 2016 and 2017). https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-tax...

Additional reference: http://community.lawyers.com/forums/t/130037.aspx

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