Gifts are neither deductible for the donor nor taxable to
the recipient.
Gifts received are not reported on your
federal tax return, regardless of the amount received.
The giver would be
required to file a Form 709 Gift tax return if he/she gives over $14,000 to any
single individual. Even then, the gifting will not be taxable until the sum
total of all gifts exceeds the lifetime limit of $5,490,000
See the following:
https://www.irs.gov/pub/irs-pdf/f709.pdf
https://www.irs.gov/pub/irs-pdf/i709.pdf
