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