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Form 709 - Married couple giving adult child and child's…

Form 709 -Good Morning,Married couple...
Form 709 -Good Morning,Married couple giving adult child and child's spouse cash to purchase a house and stocks for a value of $ 346,000. Two questions -
1) Can the married couple just file a joint 709 or do you recommend filing separately?
2) Under Schedule A, Part 1, Column D - should that amount be the donor's actual basis? Example: If he purchased stock for $ 1000 ten years ago but the current value is $ 3500, Column D would be $ 1000.Thank you,
JW
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1/3/2017
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
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The couple can split the gifts with the consenting spouse signing the form also. In general, if you and your spouse elect gift splitting, then both spouses must file his or her own individual, gift tax return. There are exceptions such as if the total does not exceed $28000. If it does then you each need to file a 709 because each taxpayer is allowed their own allowances.

Col D should be the cost and then the current value in Col F.

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Customer reply replied 1 year ago
in Part 1 Line 12 and 17 - If you choose YES to line 12 can you choose NO on line 17 and treat the Form 709 as a joint return? Or do we have to mark YES for both Line 12 & 17, split the value in Schedule A, Part 1, Column G; and complete a separate return for Spouse?

You can file one 709 only if the total gift is below $28000 and you split the gift or if only one parent makes the gift.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,411
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Customer reply replied 1 year ago
Thank you.

You are most welcome.

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