We were buying a property back in 2021 and our son gifted us (me and my wife) some money to close the deal, around $50k. He has not filled out the form 709 yet, but filled out and has received the tax return for 2021. What needs to be done to resolve that? Should he fill the form 709 out and send it right away? Would he be fined because of the filling it out late? Thank you!
