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Topic: Form 709- Gift tax  (Read 1275 times)

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Form 709- Gift tax
« on: September 06, 2022, 10:52:08 AM »
Hi-- I have given my kids cash previously and filled out the 709 to have the IRS log it against my inheritance allowance.   
I am about to transfer my 49% share of our house to my NRA British Spouse for tax planning.    The house is in the UK.     Does that need to be logged on the 709?  the only instructions I see is that it is if it's a NRA and a US property....   


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Re: Form 709- Gift tax
« Reply #1 on: September 06, 2022, 01:38:47 PM »
I don't know the answer, but am interested to find out that gifting to a non-citizen spouse is limited. I suppose you could transfer the house in chunks to avoid filing a 709 as long as the value of the gift is less than $159k each year

https://www.thebalance.com/are-gifts-to-your-spouse-taxable-it-depends-3505681#:~:text=In%20the%20U.S.%2C%20residents%20pay,as%20much%20as%20they%20want.

Quote
What Happens When a Spouse Isn't a Citizen?
When your spouse isn't a citizen, there's a ceiling to how much you can give without paying a gift tax. However, the annual exclusion amount for gifts specifically made to non-citizen spouses isn't the same as the annual exclusion amount for others. While you can give up to $15,000 to anyone without incurring a gift tax, you can give even more—up to $159,000 in tax year 2021—to your non-citizen spouse without incurring a gift tax.
Dual USC/UKC living in the UK since May 2016


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