Gift Tax Returns: What You Need To Know

Overview


Carol Harrington explained that, when married couples use the annual gift tax exclusion to split their gift, each person should write a separate check out of their joint account. “The person who writes the check is considered to be making the gift,” Ms. Harrington noted. “While married couples can double up, to do that they have to file a gift tax return to make what’s called a gift-split election.” Writing separate checks avoids the need to file a return solely for this purpose. Read the full article