@Mimi1944 wrote:
Looking back at the replies, does the note you added below apply to our situation? What exactly does that mean?
The note (I believe you're referring to the text in the brackets) simply means that you do not get the benefit of the annual exclusion for gifts, which is $18,000 per person per donee for 2024 ($17,000 for 2023, $16,000 for 2022, $15,000 for 2018-2022).
See https://www.irs.gov/instructions/i709#en_US_2023_publink16784xd0e649
