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Gift Splitting |
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Gift splitting A technique used to avoid a gift tax in which a large sum of money to be given by two parents to a child is halved and given to the child separately For example, a husband and wife each donate $10,000 to their child rather than one parent donating $20,000. Gift Splitting The act of a married couple giving gifts to a single beneficiary separately in order to avoid the gift tax. Givers of gifts in excess of $10,000 are required to pay the gift tax. In order to avoid this through gift splitting, spouses may separately give up to $10,000, meaning that the beneficiary receives up to $20,000 without subjecting the giver to the tax. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Similarly, gifts made by the transferor's spouse for which gift splitting will be elected are reported in the lower half of Part 1, 2 or 3 of Schedule A. 2036; gift splitting does not make W "transferor" of half of the property for estate tax purposes. Gift splitting requires the filing of a gift tax return, but does not cause a taxable gift to occur. |
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