Also, since the giver of the gift is a US resident and the amount of the gift given is $14,000 or more they are required to file an IRS Form 709 Gift Tax Return. However, there are no gift taxes owed if the total amount of all gifts given to date are less than $5.45 million dollars.
IRS Form 709 - <a rel="nofollow" target="_blank" href="
https://www.irs.gov/pub/irs-pdf/f709.pdf">https://www.irs.gov/pub/irs-pdf/f709.pdf</a>
IRS Form 709 instructions - <a rel="nofollow" target="_blank" href="
https://www.irs.gov/pub/irs-pdf/i709.pdf">https://www.irs.gov/pub/irs-pdf/i709.pdf</a>
