Unlimited Marital Deduction Question
Can anyone break down the Unlimited Marital Deduction for me?
Spouses are both living, and still married. Spouses file taxes jointly. Both spouses are US citizens.
If Spouse A gives a CASH gift to Spouse B, is it a taxable event?
How does it get deducted on Spouse A's taxes (what line)?
Does Spouse B have to report it (I assume so)? If so, where (what line)?
What are the limitations, if any?
What else is important to know about the Unlimited Marital Deduction?
