This form is a sample letter in Word format covering the subject matter of the title of the form.
Gift Letter Form With Spouse In Fulton
Category:
State:
Multi-State
County:
Fulton
Control #:
US-0018LR
Format:
Word;
Rich Text
Instant download
Description
Form popularity
FAQ
Gifts to your spouse. Except as described earlier, you do not have to file a gift tax return to report gifts to your spouse regardless of the amount of these gifts and regardless of whether the gifts are present or future interests.
If a couple makes a gift from joint property, the IRS considers the gift to be given half from each. A couple can also give an additional gift of up to $14,000 to each son-in-law or daughter-in-law. The effective annual limit from one couple to another couple, therefore, is $56,000 ($14,000 X 4 = $56,000).
Gifts to a spouse are not reported on a tax return, regardless of the amount gifted. Generally gifts to a spouse are not subject to the requirement to file a Form 709. What you have described is not an exception so there would be no reporting of the gift on a form 709.
Your lender may provide you with a gift letter template. If that's the case, you can simply pass it along to the gift giver and have them fill it out. If the lender doesn't provide you with a gift letter template, be sure to verify the gift letter requirements.
