@danilol - by the way, there is no "gift tax" as that is a misunderstanding many make.
when you gift more than $16,000 to any one indiviudal you are required to report that to the IRS. it is just a reporting requirement; there is no tax for either party.
Then why report if there is no tax? Because of estate taxes. Your estate avoids estate tax on the first $12.06mm of assets. Let's say you passed away the day after giving your daughter $76,000. Since you gave her $60,000 more that than the annual gift limit, the amount of assets that can now pass tax free in your estate is now only $12.00mm. In effect, you've advanced $60,000 of your estate limit while alive.
