Hello,
We (a married couple who file jointly) want to gift another married couple (who also file jointly) the maximum allowed gift for year 2020 - without having to file Form 709.
I'm aware that it's a max of 15K per person per year for 2020. Does this mean we can gift them a max of 30K (15 from me and 15 from my wife)? Or can we gift them 60K (30K from us to the husband and 30K from us to the wife)?
Thank you
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You can gift up to 60k to the other couple without having to complete a Form 709 Gift tax return.
Make sure that you gift each individual separately from each of you, not a lump sum of 60k, ie 15k to the husband and 15k to the wife from you alone and 15k to the husband and 15k to the wife from your spouse alone.
Thanks for confirming what I thought was correct.
My wife and I have a joint account and the giftee's will probably deposit it in a joint account as well. My plan was to write 4 separate checks:
1. 15K check paid to Husband with memo that says "Gift from MyName"
2. 15K check paid to Wife with memo that says "Gift from MyName"
3. 15K check paid to Husband with memo that says "Gift from MyWife'sName"
4. 15K check paid to Wife with memo that says "Gift from MyWife'sName"
This way we kind of have them separated in case we got audited down the road. Is it the correct way to do it? What do you suggest?
Thank you.
Yes, that is the correct way for giving the gifts.
Thanks for the prompt replies!!
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