It’s confusing to me as to whether OP is talking about buying an additional property and keeping their current home and continuing to use it as their primary residence, or if they are selling their current home and buying a new property to use as their primary residence. The difference between these two scenarios is critical in need-based financial aid considerations.
Any person can give any amount to any other person at any time. The IRS reporting requirements kick in if the annual gift exclusion amount (currently $15k) is exceeded, and tax is only owed if the lifetime estate/gift exemption is exceeded (that amount is currently $11,180,000). For wealthy taxpayers who have an estate that may exceed the lifetime exemption amount at the time of death, planning is required so that gifts given during lifetime are not a complicating factor.
Hmmm… that’s not my experience with form 709. It can be fairly straightforward, but it can also get pretty tricky in short time. Of course, this depends on the particular situation.