Yes. The person who received the gift does not have to report the gift---gifts are not taxable for the recipient of a gift. But the person who GAVE the gift must complete a gift tax Form 709 if the gift to one person was more than $15,000 in one year. That does not mean tax will be owed----but the gift must be reported against a lifetime gift limit amount.
Money that you receive as a gift is not taxable income to you, and you do not need to report it on your income tax return. Money that you gave as a gift to someone else is not deductible for your taxes.
Turbo Tax does not support the gift tax form 709, but here is a link:
What is important to the receiver is the donors basis and the current fair market value.
"Gift Tax" is somewhat of a misnomer. Even though a gift tax return may be required, very few people ever actually pay federal gift tax. The purpose of the gift tax return is usually only to document a reduction in the allowable estate tax exemption.
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