Yes, you are correct. Since you and your husband are electing to split the gift, each of you would report $100,000 on your respective Form 709.
Regarding the annual exclusion, the IRS allows $18,000 per recipient in 2024. Since your son and his future wife are separate recipients, you and your husband can each apply $18,000 per person, totalling $36,000 per donor. This means:
- You exclude $36,000 from your $100,000 gift.
- Your husband excludes $36,000 from his $100,000 gift.
- The remaining $64,000 per donor ($128,000 total) would count toward your lifetime gift tax exemption.
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