A husband and wife make a gift of their jointly owned vacation home to their adult children. The gift-splitting election must be made.

Name: A husband and wife make a gift of their jointly owned vacation home to their adult children. The gift-splitting election must be made.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Gift-splitting is not necessary for jointly owned property because each spouse is considered to have given half of the gift, so the election is not required.

A Husband and Wife Make a Gift of Their Jointly