If you receive money as a gift, you do not have to pay taxes on it. If you give money as a gift, you do not have to report it unless it is totals more than $14,000 per year. If it totals more than $14,000 in a year, you need to report it but there is no tax until you accumulate $5 million in gifts. After $5 million lifetime total, you must start paying taxes on the money you gift.