Dan Evans <dan[at]evans-legal.com> wrote
- quote -

In a community property state any gift by a married couple
is automatically half from each (unless the donors specify
otherwise), so that no gift splitting is necessary, and no
return required if the gift is under $22,000.

- quote -

If lifetime gifts are exactly $1,500,000 but the donor dies
in 2010, it seems to me that amounts in excess of $1,000,000
will be added back to the estate for tax purposes.

Stu

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RusPC wrote:

- quote -

It's a one-time filing. You have to keep it, because
some of the numbers must be copied over on your next
709 or on your estate's 706.

And it may affect future gift or estate tax, but there's
not necessarily any deferred cost.

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uspc[at]aol.com (RusPC) wrote:

- quote -

You are only obligated to file if there are gifts in a year
of more than $11,000 (the adjusted annual exclusion) that
must be split or reported. So, if you made no taxable gifts
in 2003, you do not need to file.

- quote -

Only if you are lucky enough to have enough money to give
away a cumulative total of more than $1,500,000.

(There could also be a tax liability at death if lifetime
gifts and the taxable estate are more than $1,500,000, but
that won't be your problem.)

*Dan Evans
*"One is not superior merely because one
*sees the world as odious."
*Francios Rene de Chateaubriand (1768-1848).

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ruspc[at]aol.com (RusPC) wrote

- quote -

You only need to file gift tax returns for the years in
which your gifts exceed the annual exclusion amount.

But you are supposed to keep those returns and the amount of
lifetimes gifts will be deducted from your lifetime
exemption when calculating whether any estate tax is due
when you die.

Stu

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In 2000 spouse and I filed a 709 form since we gave our
daughter over $20,000. Is that a one time filing or must I
file every year even though we did not make any further
gifts? Will there ever be a tax obligation for us in the
future?

Thanks.

Russ

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