Looking for confirmation on my understanding of gift tax.  I just received a check for $56,000 from a relative for appreciation.  I plan on depositing that check pronto.  As I understand it, my bank will be filling out a form notifying the IRS of this large deposit.  I do NOT need to indicate this on my tax return as income.  The giver will need to fill out a 709 form.  They will need to indicate the gift of $41,000 (56000 - 15000).  The 41,000 is deducted against his total lifetime ceiling of some 11 million before being taxed.  So the giver will not pay any gift tax.  Is that about correct?