No-the giver has no requirements.
The answer given does not imply that an attorney-client relationship has been established and your best course of action is to have legal representation in this matter.
No. The recipient does not pay a gift tax and has no reporting requirements. However, the giver should report the gift since it exceeds the annual exclusion.
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The donOR is responsible for gift tax; the donEE pays nothing in gift tax. The donor should file a Form 709. In most instances, it will not result in any actual gift tax, but it will impact their estate tax so they should keep a copy of the filed 709 with their other estate planning documents. Failure to file a 709 carries heavy consequences. Additionally, because coin collections fluctuate in value over time, you should speak with your tax advisor concerning the basis of the collection and income tax treatment of disposal of the collection.
THESE COMMENTS ARE NOT LEGAL ADVICE. They are provided for informational purposes only. Actual legal advice can only be provided after consultation by an attorney licensed in your jurisdiction. The answer to question does not create an attorney-client relationship or otherwise require further consultation. Mrs. Cook is licensed to practice law throughout the state of California with offices in San Diego County. She is authorized to handle IRS matters throughout the United States, and is also licensed to practice before the United States Tax Court. IRS CIRCULAR 230 DISCLOSURE: To ensure compliance with requirements imposed by the IRS, please be advised that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used or relied upon, and cannot be used or relied upon, for the purpose of (i) avoiding penalties under the Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.