Retirement Planning Education, with Andy Panko #194 - Gifting, gift taxes, annual gift exclusion and gift tax returns (IRS Form 709)
Mar 5, 2026
Clear breakdown of what legally counts as a gift and common examples like cash, property, and securities. How basis transfers work when you give appreciated assets. Rules around the federal lifetime exemption, annual gift exclusion amounts, and when Form 709 must be filed. Tactics for maximizing exclusions, spousal splitting, community property nuances, and why keeping Form 709 records matters.
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Split Gifts To Household Members With Separate Transfers
- To move more money into a household without reporting, give separately to each spouse: $19,000 to the child and $19,000 to their spouse.
- Make separate checks or transfers to create a clear record of two distinct gifts.
IRS Treats Gifts As Single Donor Events
- The IRS does not recognize joint gifts or joint recipients; each gift has one donor and one donee for reporting.
- A single $38,000 check to a married child counts as one person's gift unless split into distinct transfers.
Community Property Automatically Splits Joint Gifts
- Community property states automatically treat gifts from a joint account as split 50-50 between spouses.
- That single $38,000 check from a community property account can be deemed two $19,000 gifts, avoiding Form 709.