Form 709 gift split - Us Citizen, married couple, annual exclusion amount - gifted to 2 donees

[thegrandma]

Hi,

My husband and I donated $200,000 for my son and his future wife for a down payment in 2024.

I believe we nee to file two separate 709 forms.

So, in each 709 form SCH A part 4 - line 1 the value of the gift is $100,000 ? (half for me/ half my husband?)

If so, the annual exclusion on each 709 form is $ 36,000 ? (18,000 for my son $ 18,000 his wife) ?

So, this way we maximize the exclusions?

Or should do differently?

Apreciate the HELP!!!

[DaveF1006]

Yes, you are correct. Since you and your husband are electing to split the gift, each of you would report $100,000 on your respective Form 709.

Regarding the annual exclusion, the IRS allows $18,000 per recipient in 2024. Since your son and his future wife are separate recipients, you and your husband can each apply $18,000 per person, totalling $36,000 per donor. This means:

• You exclude $36,000 from your $100,000 gift.
• Your husband excludes $36,000 from his $100,000 gift.
• The remaining $64,000 per donor ($128,000 total) would count toward your lifetime gift tax exemption.

[Hi Palms]

You each file a 709.

You each gifted $100,000 (total) to your son and his future wife ($50,000 each) and have a total annual exclusion of $36,000 for 2024 ($18,000 for your son and $18,000 for your future daughter-in-law).

On Schedule A, you will list each one (son and future daughter-in-law) on a separate line ($50,000 each).