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Gift tax return
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Bebop1
Level 1
02-16-2023
03:15 PM
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A married couple jointly owns a rental house. They sold the house in 2022 to their son. As part of the transaction they; "gifted" $23,000 to help him with the down payment. Since they owned the property jointly, is this considered a split gift in which they have to file a 709 to show the split with one's spouse consent? Or are they exempt from filing since technically they jointly owned the property and each half of the gift is less than the $16,000 exclusion?
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taxshack
Level 5
02-16-2023
06:32 PM
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To the best of my recollection, if they are in a community property state they are considered to each have gifted one half so they would not need to file. If they are not in a community property state they would have to file to split the gift even though it is under the exclusion. I believe it actually references all of this right in the instructions for form 709.
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