<prompt> Human: We will be gifting a family member around 150,000, obviously as a gift so no intention of getting paid back.Now in regards to yearly limits and lifetime limits I am aware of two numbers, one being the yearly limit, of when we as a couple gift another couple we can split up the gift as 14,000 X 4. 14k from each of us, to each of them. Totaling 56k for a yearly limit, but I am aware of a limit of 5.9 million as well which states that no taxes need to be paid until gifts of 5.9 million have been made in a lifetime.We havent gifted before, so my question is, if we gift 150k in one calendar year would we be taxed on it? Or will it be allowed since we havent hit 5.9 million yet.Thanks for any help.  <response>: No tax. The gift amount is 15000 now. So 60000 is the amount you can gift with no record-keeping requirement.You would just record 150000 60000 90000 using Form 709s for the year you made the gifts. That 90000 gets subtracted from your lifetime exclusion amount, which is 22.4 million as a couple. Leaving you with 22.31 million more that you can gift before having to actually pay any tax. tldr: Paperwork Form 709 but no taxes. I think you and your spouse each fill out respective Form 709, but you should read the instructions or consult folks in rtax to get the full scoop. In other words, each of you has 75000 30000 45000 to put on Form 709.Edit: The recipients also do not pay tax. The gift is not considered taxable income and will not play a role in their tax preparation the following year. No paperwork for them. 