IRS Form 709 (Gift Tax Return) - How to Split Gifts for Married Couple
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- Опубліковано 23 бер 2024
- More Form 709 Tutorials:
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The IRS Form 709 is filed by U.S. individuals to report taxable gifts made during the tax year.
In this example, we look at a married couple that makes a gift-splitting election on Form 709. Married couples can split gifts if they meet certain requirements.
1. The couple must be married when the gift is made.
2. The couple is married at the end of the year. If the couple was divorced/widowed during the year, they cannot have remarried.
3. The couple are U.S. citizens or residents.
4. The non-donor spouse does not have a general power of appointment in property transferred.
The Form 709 is generally by both spouses. However, only the donor spouse must file the return if the couple meets one of the two exceptions as outlined in the Form 709 instructions.
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Questions:
- If I wrote a check from a joined (with my wife) bank account, can I still split?
- Cash gifts to grand children - I assume this should be in GST section?
- Cash gift to son-in-law - I assume this is not GST?
thanks
Excellent job on the videos. Three questions. We are donating $150K directly to my inlaws, am I correct to assume that Schedule A Part 2, Direct Skips, and Part 3, Indirect Skips, do not apply? Secondly, because of the amount of the gift am I correct that both of us need to complete and file the 709 form? Finally, We tend to gift around $30K to charitble organizations on our tax return, do these needed to be included anywhere on this form?
In this case of split gifting, per the IRS instructions, both spouses have to file. Is this correct??
• If a gift is of community property, it is considered made
one-half by each spouse. For example, a gift of $100,000 of
community property is considered a gift of $50,000 made by
each spouse, and each spouse must file a gift tax return.
Can you please PLEASE do one for transferring bank account money from parent to child? without any prior gifts given...Thanks
Yes! We will add this scenario to an upcoming video. Thanks for the support!
@@JasonDKnott THANK YOU !! Seriously, thanks ! Subscribed !
@@JasonDKnott ACTUALLY COULD IT BE A BANK CHECK ? I DONT KNOW IF IT WOULD BE THE SAME THING...THANKS