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Gift In Kind Contribution Foredoom/Gift Type: ? Individual ? Corporation/Foundation/OrganizationDonor Name ___ Class of ___ ? This is a joint commitment with my spouse/partner. Spouse/Partner name
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How to fill out what is gift splitting

01
Step 1: Gather all the necessary documents for gift splitting, including the gift tax return form.
02
Step 2: Identify the individuals who will be involved in the gift splitting, usually married couples.
03
Step 3: Calculate the total value of the gifts that will be split between the individuals.
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Step 4: Divide the total value of the gifts equally between the individuals.
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Step 5: Complete the gift tax return form accurately, providing all the required information.
06
Step 6: Submit the gift tax return form along with any applicable fees to the appropriate tax authority.
07
Step 7: Keep a copy of the gift tax return form and any supporting documentation for your records.
08
Step 8: Monitor any notifications or correspondence from the tax authority regarding the gift splitting.
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Step 9: Consult with a tax professional if you have any questions or need further guidance.

Who needs what is gift splitting?

01
Married couples who want to efficiently utilize their individual gift tax exemptions may need gift splitting.
02
Individuals who wish to reduce their overall gift tax liability through equal sharing of gifts with their spouse may benefit from gift splitting.
03
Taxpayers who want to legally minimize the impact of the federal gift tax may find gift splitting a useful strategy.
04
People who have a significant amount of assets that they want to transfer as gifts to their loved ones while considering potential tax consequences could consider gift splitting.

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Gift splitting is a tax provision that allows a married couple to combine their annual gift tax exclusions to effectively double the amount they can gift to an individual without incurring gift tax.
Both spouses must file a gift tax return if they choose to elect gift splitting for gifts made to another individual, regardless of whether any gift tax is actually owed.
To fill out for gift splitting, both spouses must complete IRS Form 709 (United States Gift (and Generation-Skipping Transfer) Tax Return) and indicate their election to split gifts on the form.
The purpose of gift splitting is to allow married couples to maximize their tax-free gifting capabilities by enabling them to jointly gift larger amounts to others without triggering gift taxes.
When filing for gift splitting, the names and addresses of the recipients, the dates and amounts of gifts, the relationship of the donors to the recipients, and the election to split gifts must be reported on Form 709.
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