Recipients don't have to pay taxes or report gifts. You could write her a check for a billion dollars and all she'd have to do is deposit it.Form 4506 has multiple uses and special attention must be taken when completing the form for a gift tax inquiry. FHA loans allow gift funds to be used on primary residences only. When you make a gift in Ohio, you are not going to have to worry about any state level gift taxes. The federal government and many states assess a tax on gifts, but Ohio does not have a gift tax. Any gift given after your lifetime that is planned in a will or revocable trust or gifted beneficiary designations. You'll have to report any gifts you give above that amount to the IRS on your tax return (using Form 709). Once the information is provided, any money loaded on the card will be lost. Let's say, you gift some money to your children.