Child And Other Gift Tax Questions 603

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Child And Other Gift Tax Questions

Last Updated Jan 6, 2009 11:42 AM

Q: What if my spouse and I want to give away property that we own together?

You are each entitled to the annual exclusion amount on the gift. Together, you can give $22,000 to each donee.

Q: What other information do I need to include with the return?

Refer to Form 709, 709 Instructions and Publication 950. Among other items listed:

1. Copies of appraisals.
2. Copies of relevant documents regarding the transfer.
3. Documentation of any unusual items shown on the return (partially-gifted assets, other items relevant to the transfer(s)).

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