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Gift splitting

Cape Coral, FL |

are there any forms that have to be filed if i give $20,000 to our son, how does it become gift splitting, my wife does agrees???

Attorney Answers 4


  1. The U.S. Gift Tax Return is called a form 709. I will provide a link to the form below.

    Lines 12 through 18 of the gift tax return form have to do with a spousal consent to have gifts to 3rd parties treated as if made half by each spouse. Line 18 is for the signature of the consenting spouse.

    Additionally, if both spouses are filing gift tax returns, the directions require that both returns be mailed in the same envelope.

    Its pretty simple, actually. You might still want to have an attorney or account assist in the preparation of the return.

    Answering your question on AVVO, does not create a lawyer-client relationship between us. Under the rules of the Supreme Court of Illinois, or the rules of other jurisdictions, this answer may be regarded as advertising. Because questions provided on AVVO simply cannot contain a complete description of all the relevant facts, information contained in this answer should not be considered as individual legal advice or legal opinion. You are urged to consult an attorney licensed to practice in your State regarding your own legal situation.


  2. You and your wife can give $13,000 each to your son.
    Your $20,000 gift does not have to reported because it is less than $26,000.
    You can repeat this in January without reporting to the IRS.
    If you give more than $26,000-you can file the 709 gift tax return and elect to pay the tax or use up part of your lifetime exemption.

    The answer given does not imply that an attorney-client relationship has been established and your best course of action is to have legal representation in this matter.


  3. Both attorney offer sound advice. But be careful here. If it was you who gave the $20,000 gift with your separate funds, then you must file a gift tax return, Form 709, and your wife must consent to gift splitting on such form. You should have a good tax accountant or tax attorney assist you.

    Hope this helps.

    Please remember to designate a best answer to your question.

    Mr. Fromm is licensed to practice law throughout the state of PA with offices in Philadelphia and Montgomery Counties. He is authorized to handle IRS matters throughout the United States. His phone number is 215-735-2336 or his email address is sjfpc@comcast.net , his website for more tax, estate and business articles is www.sjfpc.com.

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  4. There are several items of information I would need to know before appropriately responding to your question. I suggest that you either consult an attorney or qualified tax return preparer or research the matter further. If you choose to look into the issues yourself, start with the Instructions for Form 709 and IRS Publication 950. I have included the links to both resources below. Good luck!

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