Attention:  New Reporting Requirements for Gifts in 2024 Which Donor Wants to Split with Spouse!

The Internal Revenue Service has updated its Form 709 for the reporting of 2024 and post-2024 gifts.  If you made a gift to someone in 2024, and you desire that your spouse split that gift with you, the consenting spouse must file a Notice of Consent and attach it to the gift tax return.  The consenting spouse no longer has to sign the Form 709 itself.  The Notice of Consent must be signed and dated by the consenting spouse and must include a statement that the consenting spouse is electing to treat all gifts made to third parties as having been made one-half by each spouse.

 

If possible, file gift tax return for split gifts by April 15, 2025!