Gift of Equity - Form 709

[MKoons]

Husband and wife gave child a "gift of equity" to their son who bought a house from them.

Gift was $44,000 total /  $32,000 is allowed by IRS but I don't know how is that shown on Form 709?

They both file separate 709 form showing their 16,000 each,  but I don't know where the figures go on the form.  IRS instructions aren't much help.

This is the first "equity gift" they have given.

Any help would be greatly appreciated. 

[Accountant-Man]

Find someone who knows how.

[Skylane]

The 709 is easier than it looks for small non generational skipping gifts. Read the instructions and follow the form and schedules…. When you get the first one done, the 2nd is the same… easy learning with a small gift like this

[BobKamman]

Perhaps a good time to answer the questions:  What is the penalty for filing a gift tax return with no tax due, late?  How about, never?

[qbteachmt]

"Any help would be greatly appreciated."

The IRS knows:

https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-tax...

"They both file separate 709 form showing their 16,000 each"

You already acknowledged the first $16k from each to the same recipient is "allowed," so why would you also report it?