If you are gifting or receiving a gift, it is rarely ever taxable. Right now, there is a lifetime exclusion of $11 million per person ($22 million per married couple). As long as the gift is under that amount, you don’t have to file or report anything. As the gifter you don’t have to do anything or pay any taxes and as the receiver you don’t have to do anything or pay any taxes (IRS does not get involved).
If you give more than $16,000 per person, there are still no taxes, however, a Gift Tax Return MUST be filed.
Charitable contributions don’t count as gifts.
