Yahoo Answers is shutting down on 4 May 2021 (Eastern Time) and the Yahoo Answers website is now in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.

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.

3 Answers

Relevance
  • Max Hoopla
    Lv 7
    2 years ago
    Favourite 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.

Still have questions? Get answers by asking now.