For income tax purposes, there’s no tax on gifts—to make or receive them. For federal gift tax purposes, there’s an annual exclusion ($14,000 in 2015 and 2016). Above that, you can apply your lifetime exclusion ($5.43 million in 2015 and $5.45 million in 2016). If you’re married and your spouse consents to the gift, you can double these amounts.
An online and phone tax payment system available 24 hours a day. For enrollment information, call 1-800-555-4477, or go to www.eftps.gov.