split gift
- A gift given by one spouse to another person, which, for tax purposes, is considered half given by each spouse to utilize certain tax benefits, such as the annual exclusion
- To reduce their tax liability, the couple decided to make a split gift to their daughter.
- Under the split gift provision, each spouse is counted as contributing half of the gift's total value for tax purposes.
- By arranging their donation to the charity as a split gift, the spouses could make the most of their annual exclusion from gift tax.
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