MindyB
Expert Alumni

Deductions & credits

No, the donor doesn't have to pay taxes if they haven't reached the lifetime exemption, but they do need to file a gift tax return. What you need to file is: Form 709: US Gift (and Generation-Skipping Transfer) Tax Return. Keep in mind, married couples can double the $18,000 and count the gift as a joint gift.

 

Here is an article you may find helpful: The Gift Tax Made Simple