Gifts that exceed the allowable excludable amount of $14,000 per year given by one person to one other person must be reported on Form 709 Gift Tax Return (not part of the Income Tax system). So, in your situation, one could. Use the exclusion as follows.
A married couple, for example, holding a joint bank account could each create a gift of the $14,000 per each of the couple to each of the other two people, thus 2 X $14,000 X 2 = $56,000.
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