ALL gifts are taxable to the giver - §2503(a).
Only the first $10,000 ($15,000 now adjusted for inflation) is excluded from the tax §2503(b).
The tax imposed is defined in §2001.
However, you can get a "credit" for the amount of the gift tax that is applied to the lifetime exemption (not exclusion - only the first $15,000 is excluded) §2505 and other related sections. You get the credit by filing the 709 form that applies the taxable gift to the credit.
Filing the 709 late to get the credit can result in a penalty based on the tax imposed by §2001.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
