text:  Nick does not owe any taxes. There's no taxable implications to Nick. I do not owe any taxes. I don't need to pay any taxes, anything. But what I do need to do because I'm above that $18,000 annual gift exclusion amount, I need to file what's called a gift tax return for $2,000 because you need to file a gift tax return for any amount that you do above the annual gift exclusion amount.