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@Opus 17 Your ideal is very good.

Say if the car is $40,000. We pay off the car  for our daughter, then $32,000 is gift, the rest $8000 is loan. We probably do it this December. Then in Jan 2023 we forgive the balance of loan and it will be viewed as gift in 2023. Do I need to prepare any document for this forgiveness so as to be in a businesslike manner?

Does my daughter can give us gift money such as $16000 to mother and $16000 to father in one year and no need to report?

 

Thanks