It's not considered income, and it's not subject to taxes. If it's above $14,000 in a single year, the giver needs to disclose it to the IRS on their tax retur

It's not considered income, and it's not subject to taxes. If it's above $14,000 in a single year, the giver needs to disclose it to the IRS on their tax return for record keeping purposes, but it doesn't get taxed unless it's cumulatively above $5.49 million over the course of the giver's lifetime.