I have exactly the same issue as the OP. I purchased a second home for $182k. It never generated income and I made no major improvements, so my basis is $182k. I sold it to my son & daughter-in-law for $182k so I had no gain to report. The fair market in 2022 was $340k so I gifted $79k to my son and $79k to my daughter-in-law. After deducting my annual exemptions I will need to add $126k to my lifetime gift/estate exemption. I'm having the same difficulty as the OP understanding how to show this on the form 709. It is not at all easy to figure out.
