No.  With respect to federal income tax, gifts are not income, and the giver gets no deduction for making the gift.  For the receiver of a gift, no matter how large the gift, there is no tax and no IRS reporting requirement.  For the giver of the gift, if a gift to a non-spouse receiver exceeds $13,000 in 2011 (this number has been being adjusted upward in $1,000 increments when warranted), then you need to do some estate tax planning and make a gift report to the IRS.  Check with your certified public accountant for assistance in this regard.