This is dumb advice.. there's absolutely no reason to use cash. If you give people a lot of money or property, you might have to pay a federal gift tax.But most gifts are not subject to the gift tax. It's rude to expect people to give money. Gift Regardless of Giver Status. No current state statute or regulation falls under the category of "Gift Regardless of Giver's Status. You must file his federal income tax return and take care of any other taxes for which Martin may be responsible, including any applicable gift.