IS there a way to show the gift was not a financial gain to us?
Gifts are neither a gain or a loss to the giver of said gift. and does not get reported anywhere on the giver's tax return. But if the gift given to any one individual, by any one individual exceeds $15K in a tax year, then the giver is required to report that gift on IRS Form 709 - Gift Tax Return. Understand that you will not pay taxes on the gift. You're just meeting a reporting requirement is all.
So with a gift of $40,000 I don't see a reporting requirement at all.
father gifted son $10K
Father gifted daughter-in-law $10K
Mather gifted son $10K
Mother gifted daughter in law $10K
Also take note that the recipient of a gift has no reporting requirement at all, and the gift is not included on the recipient's tax return.
