The IRS made some significant updates to the Gift Tax Return (Form 709) for 2024. One item that I noted is that, when gift splitting, EVERY gift must be listed. The specific language in the instructions states "Gift splitting elected. Enter on Schedule A the entire value of every gift you made during the calendar year while you were married, even if the gift's value will be less than $18,000 after it is split in column (h) of Part 1, 2, or 3 of Schedule A."
Am I correct to interpret that language to mean that only gifts where the total amount was greater than $18,000 before splitting (and greater than $9,000 after it is split) need to be listed? I can't imagine that the IRS really expects every gift to be listed regardless of amount (e.g. an individual that was sent just a $50 graduation gift during the year).
Am I correct to interpret that language to mean that only gifts where the total amount was greater than $18,000 before splitting (and greater than $9,000 after it is split) need to be listed? I can't imagine that the IRS really expects every gift to be listed regardless of amount (e.g. an individual that was sent just a $50 graduation gift during the year).
Statistics: Posted by DanNJ — Thu Jan 09, 2025 12:37 pm — Replies 1 — Views 122