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If the gift will be more the $14,000 to each of them you will file the form 709 to report the gift.
That does not mean you will need to pay tax on the gifts but you do need to report if you give each of them more then $14000 which is the yearly limit
You may use your lifetime limit which is a little more then $5mil so you will not actually have to pay tax.
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do I file 709 now or at tax time?
DO I file the 709 form now or at tax time?