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Gift splitting

Gift splitting in UltraTax CS/709 is done in 1 client.
When spouses elect to gift split, much of the information you need to prepare each return is the same. You can prepare the gift tax returns for both spouses from the same client. While various items may go on different lines of each taxpayer's return, you only need to enter and print the information once. Here are some important things to know when splitting gifts in UltraTax CS:
  • If spouses elect to split gifts, all gifts made by either spouse must be split. UltraTax CS assumes that one-half of all split gifts are made by the donor and the other half by the spouse.
  • Gifts made from one spouse to the other, or before or after a change in marital status (as appropriate), are not split.
  • Gift recipients include relatives, friends, trusts, and charities.
  • UltraTax CS assigns a unique number to each gift recipient that is used for identification and in the calculation of each gift recipient's annual exclusion.
  • Don't enter a spouse as a gift recipient. The spouse's information entered on the 709 screen is automatically used. The unique number assigned to a spouse is 999 and always appears last in lists of donees.
  • A gift recipient that receives a gift as both an individual and as a trust beneficiary only needs to be entered once.
  • The
    Donee
     input screen is where you enter the gift recipients, and lets you to add 11 gift recipients. If you have more than 11 gift recipients, add a unit (or press CTRL+A) to create an additional screen.
  • The gift information prints on Schedule A, Part 1, 2, or 3, as applicable, based on who gave the gift and what return is calculating.
  • Printing and calculating the Donor and Spouse return is different in UltraTax CS 2022 and older. Visit the Help & How-To Center for instructions on printing these returns

This article applies to:

  • Product: UltraTax CS
  • Return type: 709 Gift Tax

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