My wife and I gifted jointly $158,000 of value to our son and daughter-in-law in 2022.
My understanding is that my wife and I must separately file our own form 709 showing our share of the total gift. The 2022 gift amount would be $79,000 from each of us. Both recipients can be on each of our individual form 709. For tax year 2022 my wife and I each are allowed a $32,000 exclusion. The balance of $47,000 for each of us can be applied to our individual lifetime exclusion. We have never done this before so there is no carryforward. So far, am I on track? Any thoughts or suggestions will be greatly appreciated.
