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Any gift to an individual that is greater than $14,000 would be considered a taxable gift. So if you gifted $28,000 to both your son and daughter-in-law. You would have a taxable gift of $28,000. This amount would reduce your lifetime exemption. The current gift and estate tax exemption is $5.45 million. So unless you made significant gifts in the past you would not have any tax impact. You would need to complete form 709 (gift tax return) but there would be not tax due. If you are married you and your spouse could gift $14,0000 each to your son and daughter in law. If this is the situation you would not need to file a gift tax return.
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