Personal Finance (Not Investing) • Do I need to file form 709?

Thanks a lot for the reply! the money comes from my personal account containing money I earned prior to marriage. Does that mean I'd need to file the gift tax form?

If so can I file 2 separate forms one for my husband and one for me and split the 27K between the both of us to avoid counting this gift against our lifetime value (since it will be <17K which is lower than the 2023 limit).

Technically this looks like a gift of separate property that would require a gift return. If you don't expect to come near the lifetime exclusion and be subject to estate tax, I wouldn't bother.

If you are concerned about estate tax, you can file a single form 709 and elect gift splitting which assigns half the gift to your spouse, thus not reducing your lifetime exclusion. (Your spouse will sign your form.)

Statistics: Posted by toddthebod — Wed Apr 10, 2024 2:49 pm — Replies 3 — Views 200

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