Father Gifting His Children

[GodFather]

I guess I should watch how I phrase the question.  It may be misconstrued.  🙂

Father is gifting each of his three kids $250,000.  Plan is to write each child a check from his bank account.  This is the father's first gift to his children and obviously no where near the exclusion amount.  

My research finds this is not a taxable event and no forms (709) need to be completed as part of the tax return for the father or the children.  Bank / Financial Institution may file a Currency Transaction Report.  Father simply writes the check and kids cash them.  Can someone please confirm my understanding is correct?  

Gift Taxes if You Give or Receive a Large Gift - Rocket Lawyer

[Just-Lisa-Now- · Accepted solution]

Not taxable/deductible or reportable on any 1040 for anyone, but a 709 should be filed by dad since he's  exceeded the annual gift limit per person.   

[GodFather]

Thank you

[IRonMaN]

Yeah, he can gift tax free, but he still needs to report it.