The general rule is that any gift is a taxable gift, however, there are many exceptions to this rule.
Generally, the following gifts are not taxable gifts:
The gift exclusion for 2009 through 2012 was $13,000 for each individual you chose to give a gift. For 2013 through 2016, the exclusion has increased to $14,000.
Please see IRS Publication 559 Introduction to Estate and Gift Taxes for more information regarding the Gift Tax.
TaxAct® supports the individual tax return, but does not support the gift tax return on Form 709. This is a separate return from the individual tax return (Form 1040).