I found the following on turbotax's forum... hence my confusion about filing 709 if we just use one account to fund $26,000. Can you please help clarify?http://turbotax.intuit.com/tax-tools/ta ... 12036.html
In 2012, you give your son $14,000 to help him afford the down payment on his first house. This is a gift, not a loan. You must file a gift tax return and report that you used $1,000 ($14,000 minus the $13,000 annual exclusion) of your $5.12 million lifetime exemption.
Same facts in Example 1, but your spouse agrees to "split" the gift—basically this means he or she agrees to let you use part of his or her exclusion for the year. A husband, for example, could give $26,000 to his son without triggering the gift tax if his wife agrees not to give the son any gift that year. Although no tax is due in this situation, the husband would be required to file a gift tax return indicating that the wife had agreed to split the gift."