is gift taxable to a person receiving gift
Tax on Gifts Received. When someone gives you cash or another asset and doesn't expect goods or services in return, the IRS considers it to be a gift. In general, you don't have to pay tax on any gifts you receive. The gift tax, if any, is the responsibility of the giver. If the giver does owe tax on the gift and you want to pay for it, you may make a special arrangement with a tax professional to pay the tax instead.