My Wife's father made a cash gift of $10K for me, my wife, and our 2 kids (ages 5 & 3) - $40K total. He has not made any other gifts this year to us and is well under the lifetime exclusion.
We deposited the gift as one amount in our joint account and will be adding the kids amounts to their 529 accounts. The bank took our SSNs because the deposit amount was over $10K.
The Form 709 instructions say a Gift Tax return is not required for my father-in-law, since he did not make more than a $14K gift to any one person.
Does he need to do anything at tax time?
Do I need to do anything at tax time?
