Reply To: Structuring a $60k gift from couple to couple?

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#4619
kaneohe
Participant

I don’t know the real answer but I am relying on the following from instructions from form 709 when gifting to 529 plan for grandchild.
Instructions say you need to file if you give >15K to someone. It also says that if gift is from community property, that it is considered made 50-50 by each spouse. I interpret that to mean I can give up to 30K each
yr from community property to grandchild and not file the 709.

In your case, I’m guessing one check signed by both of you to both of them
should be ok (maybe even signed by only one of you based on the community
property splitting). Of course, it’s not really that much more work to
write 4 checks and then there should be no doubts.
.

Who Must File https://www.irs.gov/pub/irs-dft/i709–dft.pdf
In general. If you are a citizen or resident
of the United States, you must file a gift tax
return
(whether or not any tax is ultimately
due) in the following situations.
If you gave gifts to someone in 2019
totaling more than $15,000
(other than to
your spouse), you probably must file Form
709. ………………………

• You must file a gift tax return to split
gifts with your spouse (regardless of their
amount) as described in Part 1—General
Information, later.
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.
• Likewise, each spouse must file a gift
tax return if they have made a gift of
property held by them as joint tenants or
tenants by the entirety.