BulldogTom Posted January 18, 2020 Report Share Posted January 18, 2020 I am having a brain fart. Can I get some help with the entry in ATX on a gift tax return? Client (H&W) gave 600K to each of their children who are married. The list is 300K to each child and 300K to each son in law. Total gifts by H&W is 1.2 million. I know I need to make 2 returns because it is community property in a community property state. No issue there. Each spouse will have 600K in gifts on their return. On the H return, do I show the full 300K to each child and then 50% split, or 150K to each with no split? Thanks Tom Modesto, CA Quote Link to comment Share on other sites More sharing options...
jklcpa Posted January 18, 2020 Report Share Posted January 18, 2020 1 hour ago, BulldogTom said: 150K to each with no split ^^ This way. Because it's community property each owns 50%, there's no need to elect gift splitting. Husband and wife will each file a return, and each return will report 4 gifts of 150K with no gift splitting. 1 1 Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted January 18, 2020 Author Report Share Posted January 18, 2020 Thank you Judy. Tom Modesto, CA Quote Link to comment Share on other sites More sharing options...
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