Hi.
My wife and I will be filling out form 709 for the first (and likely only) time this year for 2023 gifting. We gave 100k gift to an adult child (and spouse) for a house down payment plus a 20k car was transferred to them as a gift. Additionally, we took them on a vacation. To pay for the flights, my wife transferred airline mile points to adult child and spouse (then paid more with credit card for fees).
I originally thought we should put the fair market value of the airline miles as a gift on form 709. However, after some internet searches, I am unclear about this. It seems that airline miles might be looked at as gifts from the airline to recipient.
Does anyone have experience with this? Should I go ahead and include the fair market value of the points on the form?
Thanks!
My wife and I will be filling out form 709 for the first (and likely only) time this year for 2023 gifting. We gave 100k gift to an adult child (and spouse) for a house down payment plus a 20k car was transferred to them as a gift. Additionally, we took them on a vacation. To pay for the flights, my wife transferred airline mile points to adult child and spouse (then paid more with credit card for fees).
I originally thought we should put the fair market value of the airline miles as a gift on form 709. However, after some internet searches, I am unclear about this. It seems that airline miles might be looked at as gifts from the airline to recipient.
Does anyone have experience with this? Should I go ahead and include the fair market value of the points on the form?
Thanks!
Statistics: Posted by LuckyGuy — Tue Jan 09, 2024 1:45 pm — Replies 3 — Views 233