Have a Tax Question? Ask a Tax Expert
When one person gifts another more than the annual exclusion amount of $14,000 the giver is required to file a gift tax return on Form 709 due next April 15.
For more information see http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Filing-Estate-and-Gift-Tax-Returns
Links to forms and instructions are at http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Forms-and-Publications---Estate-and-Gift-Tax
Although a return is required there is not any gift tax that has to paid until the lifetime total of such gifts is more than $5.25 million. That is, the return is for information and to reduce that lifetime limit but there is no tax paid with the return.
Please ask if you need more discussion or clarification.