Taxes 101: The Gift Tax

“It’s my money and I’ll do with it what I want.” Nice thought, but not quite true. You needed to account for it when you earned it, and likely paid tax at that time, and you need to be aware of the rules for giving it away if that’s your intention.

source http://blog.turbotax.intuit.com/tax-tips/taxes-101-the-gift-tax-2705/