What is the name of your state? Michigan
I understand that my wife and I can give a single person a gift of $24,000 (in one single check from both of us) as long as we file form 709 next year designating it as a "split gift", meaning that we effectively agree that each of us gave $12,000 - which makes it tax free. My question is: If we each each write a check to the person for $12,000 (which is within the tax free limit for 2006) from our own personal accounts (not joint), do we still need to file the form?
Thank you.
I understand that my wife and I can give a single person a gift of $24,000 (in one single check from both of us) as long as we file form 709 next year designating it as a "split gift", meaning that we effectively agree that each of us gave $12,000 - which makes it tax free. My question is: If we each each write a check to the person for $12,000 (which is within the tax free limit for 2006) from our own personal accounts (not joint), do we still need to file the form?
Thank you.