Prof Reid <reid[at]cse.msu.edu> wrote:

- quote -

It comes down to this: under state law did the property
interest you gave your daughter belong half to you and
half your wife? Or was it all yours subject to her
dower right?

If the former, the gift is half from each of you and no
709 is required. If the latter, the gift is primarily
from you, and you have to file a 709 to claim the
exemption for the split-gift.

Stu

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My wife and I have executed a quit-claim deed to our
daughter for a real property interest of about
$20,000 value. We held the property as tenants
in the entirety.

The deed was recorded by the Register of Deeds, and
the township assessor's office has been notified.

Here's what I'd like to do: Not file IRS Form 709!
(Maybe if TurboTax supported 709, I wouldn't care,
but only the professional series does.)

Can I reasonably claim that these are separate $10,000
gifts? And claim that our both signing a single Deed,
did not make it a "joint gift".

Thanks for your advice.

Dick

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >