Every year a taxpayer is allowed to give a certain value of gifts without having to report it to the IRS or pay gift tax. In 2017 this amount was $14,000 per recipient. If the value of the gift is greater than the annual gift exclusion, you may have a gift tax reporting requirement. If the gift has a value of less than $14,000 it is not taxable.
It is important to discuss this with a CPA.