You and your wife can each give anyone up to $14,000 a year without having to file a gift tax return.
So depending on number of children you have, you could give each up to $14,000 and then your wife the same.
If you think it maybe more than this, then it would be advisable to talk with a tax expert as they would have to file a late gift tax return for 2014 tax year.
This is a return that is separate than your Form 1040 you file each year. It is a Form 709 and is not supported in TurboTax.
