gift tax return?
Two parents gave their son and fiancé 100,000 to buy a house. The kids are going to pay it back but no formal loan and no interest will be paid. I see it as each parent gave each child $25000 and therefore each parent paid $7000 above the annual exclusion to each child. It appears I need to file Form 709 and put the 14,000 on each parent's return. I haven't had to file one of these and just want to make sure I'm thinking correctly.
Thank you
