For federal purposes, nothing is
required on your or your children's personal tax returns.
The gifts are not a deduction to the donors, nor are they taxable to the recipients.
As a donor, you are not required to
file a Gift Tax Return if each gift was $14,000 or less. It is required if each gift is more than
$14,000 for 2015.
Example 1In 2015, you give your son $15,000 to help him afford the down payment on his first house. This is a gift, not a loan. You must file a gift tax return and report that you used $1,000 ($15,000 minus the $14,000 annual exclusion) of your $5.43 million lifetime exemption.
Example 2Same facts as above, except that you give your son $13,000 and your daughter-in-law $2,000 to help with the down payment on a house. Both gifts qualify for the annual exclusion. You do not need to file a gift tax return.
Please refer to the link below for more details:
https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax/INF12036.htm...
