For married couples, the Gift Tax combined exclusion is $ 36,000 for 2024. We gave $ 25,000 each to our two married sons and their wives for a total of $ 100,000. We did not go over the $36,000 limit for each child so is it necessary to send Form 709 and report this to the IRS? Turbo Tax does not support Form 709 so this must be completed manually and sent to IRS if necessary.
For each spouse, the gift exclusion for 2024 is $18,000 per donee.
In your case, we can consider that you and your spouse each gave $12,500 to each of your 2 sons and 2 daughters-in-law.
No gift tax return is required.
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