Get your taxes done using TurboTax

Gift received are never reported on a tax return.

 

You can gift the full amount now assuming you are under the lifetime exclusion of $12.92 million in 2023 so no taxes would be owed.  But you will have to file the IRS form 709.

IRS Form 709 - https://www.irs.gov/forms-pubs/about-form-709