yes you need to report it. and if the Fair Market Value was more than your cost you may have to file a gift tax return. Form 709
Who Must File
In general. If you are a citizen or resident
of the United States, you must file a gift tax
return (whether or not any tax is ultimately
due) in the following situations.
• If you gave gifts to someone in 2021
totaling more than $15,000 (other than to
your spouse), you probably must file Form
709.
