I file a joint return with my wife. She gifted money to her daughter in excess of the 16000 exclusion (i believe that is the amount for 2022). In my reading it appears I have to file a separate gift tax return which is form 709. It is my understanding there is a 12 million lifetime exclusion so no taxes will be due on the gift. I have a few questions:
1. Should this be done with an accountant or is it easy enough to do myself?
2. Can the form be filled out electronically? From what I read... NO. If so, where can I get the software link? I saw a video on You Tube of someone filling out the form but it seemed very confusing and represented year 2020.
3. Given we are filing a joint return and this amount requires form 709, is there any information that would be required on my form 1040? From my reading... NO because it is a totally separate return.
Given this is new territory for me I am open to ideas or suggestions regarding reporting this gift.
