Tax Law (Questions About Taxes)/gift of equity

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Question
My daughter and son-in-law bought a house from us that we gave them a $40,000 gift of equity. I believe that is $10,000 from both myself and my wife for each of them. Do we still need to fill out an IRS Form 709 for this transaction. Plus we gave our son $20,000 cash from the sale of this house. Again, $10,000 from each of us. Is the cash gift treated different from the gift of equity on Form 709. The instructions for the form says that we do not need to file if less then $14,000 a person.

Thanks

Answer
If done in the same year, the combined total appears to me that you have exceeded (albeit barely) the 56k that you can be given without requiring filing.  

No tax is due, but legally, form IS required to file

You can't get around the annual limit by cutting gifts into smaller nibbles of 10k  

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