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Good afternoon. Yes! There will be no gift tax, but you will need to file a gift tax return with the IRS to let them know how much of the $5,000,000 lifetime exemption you are using.
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Thanks for allowing meto be of service to you. Please be aware that the information provided here isnot legal advice. Rather it is simply general information. All states have intricacies in their lawsand any information given is simply information only and specifically is notintended to be, nor does it constitute, legal advice. This communication doesnot establish an attorney-client relationship with you. I hope this answer has been helpful to you.