WebJan 9, 2024 · The wife and I gave a large enough gift in 2024 to require Form 709. We are in CA, a community property state. Form 709 instructions say we must each file a form for half the total gift because it was community property. That part I understand. What I don't understand is the term "gift splitting" and the split gift part of 709. WebTo elect out of the automatic allocation of exemption, you must file Form 709 and attach a statement to it clearly describing the transaction and the extent to which the automatic …

Get IRS 709 Instructions 2024 - US Legal Forms

WebMar 1, 2024 · The Bottom Line. Taxpayers are required to file Form 709 with their tax return to report gifts made in excess of the annual allowed exclusion. The person giving the gift is the one who files it ... WebJan 9, 2024 · Form 709: Gift splitting confuses me. The wife and I gave a large enough gift in 2024 to require Form 709. We are in CA, a community property state. Form 709 … linda lingle washington dc

Form 709: What It Is and Who Must File It

WebPosted Date. Form 709. United States Gift (and Generation-Skipping Transfer) Tax Return. 2024. 11/10/2024. Inst 709. Instructions for Form 709, United States Gift (and … Web4 rows · 2024 Instructions for Form 709 United States Gift (and GenerationFor gifts made during ... WebGenerally, Form 709: U.S. Gift (and Generation-Skipping Transfer) Tax Return is required if any of the following apply: An individual makes one or more gifts to any one person (other than his or her citizen spouse) that are more than the annual exclusion for the year. Note: the annual gift tax exclusion amount is indexed for inflation. hot fellows