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He would not have to pay income tax on it even if you did not marry.
The giver is required to pay any Gift Tax that would apply. You would need to report the gift because it is over the yearly limit ($14,000).
You still could use your Lifetime limit though (little more than $5mil) so you would not have to pay Gift Tax.
You would need to report the Gift (if you are not married in the Tax year) using Form 709.
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If we married this year and filed jointly, wouldn't these monies just be between husband and wife?
Yes, that is what I implied when I said "You would need to report the Gift (if you are not married in the Tax year) using Form 709.
Gifts between spouses are not a part of the Gift Tax reporting
I hope our CHAT has been helpful.
Did you need more info about reporting gifts?
To summarize:He pays no tax in either scenario, nor does he even report the gift.
You would report the gift if you are not married in the tax year. You can use your lifetime limit on gifts (if you are not married by year's end) so you would not actually pay tax on the gift.
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