<prompt> Human: Hi reddit,Thank you for reading. If a family member were to give me a dollar amount greater than the 14,000 per year annual tax gift tax exemption, would either of us be required to pay taxes on it? I read from Turbo Tax that the amount going over would go towards your lifetime tax exempt gift amount Does that mean, that neither of us would be responsible for taxes?  <response>: The person giving you the gift has to fill out an extra form while doing their taxes. As long as the total gifts they give is less than 5.4 million over their lifetime, they pay no taxes on the gifts.You pay no taxes on it and fill out no form. 