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?
