Financial Planner

Answer: A - Split gifts are available only to married couples who file a joint return. They must complete Form 709 that is filed by one taxpayer and the other signs consent for the gift splitting. Gifts of community property do not require gift splitting because each spouse is considered to own one-half of the community property. For any one year in which gift splitting is selected, all gifts made by either spouse are considered to be split. Each gift that is split is considered to have been made one-half by each spouse, totally without regard to the source of the funds or assets actually transferred.