Tax Implications: While Texas does not impose a gift tax, federal gift tax rules apply. The gift tax is the responsibility of the eligible person receiving the motor vehicle.Use a Texas Gift Deed to give real estate to another person or an entity. Gifting real estate among spouses or family members is fairly common. Are there tax consequences for down payment gift funds? The IRS taxes gifts made over a certain dollar amount. Likewise, there can be tax implications on the person giving the gift funds.