Gift splitting on form 709

Forum|Forum|4 years ago
April 13, 2022
1 reply
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Because of an inheritance I received, I made 6 gifts in 2021 and all exceeded the gift limit. Some gifts were made from an account owned solely by me and others from an account owned by both my husband and me. He'll sign the consent with no problem, so is it OK to categorize all the gifts from me, have both of us complete our own 709s and take advantage of the dual exclusion?

Best answer by M-MTax

It's alright as long as you each file separate 709's.

M-MTaxAnswer

Level 15

It's alright as long as you each file separate 709's.

Kim BAuthor

Level 2

Thanks. More specifically, the way I completed my 709 was by completing Sch. A, part 1, top half and left the bottom half blank. On my husband's 709 Sch. A , part 1 the top half is blank, the bottom half (gifts made by spouse) is filled in with the same info contained in my Sch A, part 1. So, adding the gifts on both returns equals the total gifts I distributed.

Do you know if I can combine gifts made to the same person on different dates in 2021 into one line or does the IRS want to see every gift individually? The latter would make things a little easier.

Thanks for your help, this is not an easy form.