https://ttlc.intuit.com/community/taxes/discussion/709-form/01/2418663#M918780 <P>My wife and I sent my son and his wife $40000. by wire to his financial company to buy a home the transfer was in my son's name.&nbsp; Do I have to do anything with the IRS we know we can give then $ 15000. each.&nbsp;</P> Wed, 26 Jan 2022 18:47:21 GMT Johnfr1 2022-01-26T18:47:21Z https://ttlc.intuit.com/community/taxes/discussion/709-form/01/2418663#M918780 <P>My wife and I sent my son and his wife $40000. by wire to his financial company to buy a home the transfer was in my son's name.&nbsp; Do I have to do anything with the IRS we know we can give then $ 15000. each.&nbsp;</P> Wed, 26 Jan 2022 18:47:21 GMT https://ttlc.intuit.com/community/taxes/discussion/709-form/01/2418663#M918780 Johnfr1 2022-01-26T18:47:21Z https://ttlc.intuit.com/community/taxes/discussion/re-709-form/01/2418734#M918781 <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Yes, you may need to file a Gift Tax return, form 709 according to the IRS&nbsp;<A href="https://www.irs.gov/instructions/i709" target="_blank">instructions</A>&nbsp;concerning 709. Since there is no such thing as a joint gift tax return, each you and your wife may file a separate Gift Tax Return, each declaring $20,000 as the gift given to your son.&nbsp;</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Since there is a $15,000 Income Exclusion, this means that you will each paying gift income of $5000 apiece. Please look over the instruction link given above for further details.</SPAN></SPAN></P> Wed, 26 Jan 2022 18:59:09 GMT https://ttlc.intuit.com/community/taxes/discussion/re-709-form/01/2418734#M918781 DaveF1006 2022-01-26T18:59:09Z