Gifting to children??

[CtruffTax]

My husband and I gave our son $31 k for downpayment for a home.  Do we need to file anything?  or our son?  If so, please advise what we need to do.

[MaryK4]

The annual exclusion is $16,000 so if you and your husband are "gifting" $15.5K, you still need to complete an IRS Form 709 tp indicate that you are gift splitting.  

See The Gift Tax Made Simple - TurboTax Tax Tips & Videos

[CtruffTax]

So does our son need to file anything?  And will there be gift tax due ? or that he has to pay?

[CtruffTax]

I'm sorry, but do we file just one form, and split it on the form 709, or we each file a form and list the split.  I hate IRS instructions

[PattiF]

MaryK was correct that you do need to file two Form 709 for the gift to your son. He does not need to pay any money for the gift. The form is very complicated and may be best completed by a CPA or professional.

[Edited 03/04/23|6:49 PM PST]

@CtruffTax