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?
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.
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.
You can combine the gifts made to the same person as long as it's cash or equivalent. But you need to separate different types of property.
Thank you. I was concerned about the date column. I was thinking I'd put the date of the second, and significantly larger, check. Any advice on that?