Hello and thanks you for using Just Answer. Every taxpayer is allowed exclusions from gift and estate tax before the tax is imposed. The gift tax exclusion is $1 million. A gift tax (Form 709) must be filed if a taxpayer makes any taxable gifts in the calendar year. Although tax is calculated on the return, no tax is due until the taxpayer exhausts the $1 million gift tax exclusion.
If you give your daughter $350,000 as a gift you must file IRS Form (709) reporting the gift but no gift tax is due until you exhausts the $1 million gift tax exclusion.