> gifts are taxable but only if above $17k per person. No, if you exceed the annual per-person limit you have to report your gift, but you're not taxed on gift

> gifts are taxable but only if above $17k per person. No, if you exceed the annual per-person limit you have to report your gift, but you're not taxed on gifts unless you exceed the lifetime per-person limit of almost $13 million.