A monetary gift is not taxable to the recipient.
The person who makes the gift files the gift tax return, if necessary, and pays any tax.
If someone gives you more than the annual gift tax exclusion amount
($14,000 in 2015 and 2016), the giver must file a gift tax return. That
still doesn’t mean they owe gift tax.
For example, say someone gives you $20,000 in one year, and you and
the giver are both single. The giver must file a gift tax return,
showing an excess gift of $6,000 ($20,000 – $14,000 exclusion = $6,000).
Each year, the amount a person gives other people over the annual
exclusion accumulates until it reaches the lifetime gift tax exclusion.
Currently, a taxpayer does not pay gift tax until they have given away over $5.43 million in their lifetime (2015).
Does the gift recipient ever have to pay gift tax?
If the donor does not pay the tax, the IRS may collect it from you.
