Thank you for asking this question about Filing status.
Usually you would still do better filing Married Filing Jointly, but here is a more in-depth look at different reason why Married Filing Separately works better.
https://turbotax.intuit.com/tax-tips/marriage/should-you-and-your-spouse-file-taxes-jointly-or-separ...
It is important to know that if you file MFS and one of you itemizes, then both of you have to itemize. No Standard Deduction is allowed then.
I hope that answers your question about gift tax and reporting. Please feel free to give TurboTax a call anytime if you have additional questions or need assistance.
Have a great day!
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