Yes, you should file your gift tax return (Form 709) if the gift to each of your children was $15,000 or more for each child. If you are married and the house is in both names then you would be eligible for gift splitting and each child could receive $15,000 from each of you before a gift tax return would be required. The date of the gift does matter and it appears it was 2021. If however it wasn't finalized until 2022, then the gift amount for each child is $16,000 for 2022.
- It would be best if you used a professional for your gift tax return, however review the information in the link below:
The basic difference between a 'grant deed' and a 'quitclaim deed' is that there is usually more protection for the buyer in a 'grant deed'. An example would be if the buyer finds out later the property was not free and clear, however it is clear your attorney provided you the best guidance in your situation.
It would seem reasonable that your cost of the property, gift to your children, would be greater than the filing requirement. TurboTax does not provide software for a gift tax return.
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