How much taxes should I pay on a $50,000 cash gift?

Question

I want to give my brother a cash gift in the amount of $50,000 (he needs to make a down payment on a house he wants to get a mortgage for). It is my understanding that I don’t need to report the first $15,000. But then I’ll have to pay taxes on the rest of the amount.
How much will I pay in taxes?

JTP - Apologise to Monica · Accepted Answer

Nothing. If you and he are married, couple to couple multiplied up to $60K/yr.
If you’re both single, the $35K excess is report on Form 709 and goes against your lifetime exemption, which is over $11M. You can gift $100K/year and never use up all of that exemption.

How much taxes should I pay on a $50,000 cash gift?

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