As of 2015, the current federal gift tax rate is 40 percent, according to Nolo. While most ordinary gifts are not taxable, very large gifts may be subject to the gift tax liability.
A gift is a transfer of some type of property to a recipient where the donor receives nothing or below fair market value in exchange. The donor of the gift is responsible for filing a gift tax return and any tax liability that is due, while the recipient bears no tax liability. However, because the gift tax only applies to gifts of more than $5.43 million and many ordinary gifts are not taxable, most people do not pay this tax.