Anyone may gift up to 15,000 per person per year. This would be double if each spouse elects to gift the same recipient.
Once that limit is breached, the Taxpayer files Form 709.
The tax consequence will more than likely be none.
You will have a choice of paying tax on the additional 35,000 (20,000 if there are 2 of you and you each gift her 15,000) OR just allocate that "Overage" towards your lifetime limit which is now 11.58 million.
You each must file a 709 if there are 2 of you and you each gift her 15,000.
Below is a link to the instructions and form.
IRS Form 709
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