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SumDude
Lv 7
SumDude asked in Business & FinanceTaxesUnited States · 2 years ago

If H&W split a $30,000 gift to one adult offspring is there any PENALTY for not filing form 709?

Yes, I skimmed through the rules and printed out the form. {I filed an extension for my 1040.} B) Adding $15,000 back to my estate upon death is of no tax or financial consequence. Tx to the experts I follow on here.

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  • Max Hoopla
    Lv 7
    2 years ago
    Favorite Answer

    None at all. It's two separate gifts

  • Casey Y
    Lv 7
    2 years ago

    Each person can gift $15k to any other person. So, just complete 709 and you're all set.

  • NA
    Lv 7
    2 years ago

    You can't split the gift unless you file the form.

    The IRS reserves the right to hit you with a penalty even if you wouldn't owe.

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