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Returning Member
posted Jan 26, 2022 10:47:21 AM

709 FORM

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.  Do I have to do anything with the IRS we know we can give then $ 15000. each. 

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1 Replies
Expert Alumni
Jan 26, 2022 10:59:09 AM

Yes, you may need to file a Gift Tax return, form 709 according to the IRS instructions 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. 

 

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.