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This information is for educational purposes only and is not intended as tax advice. Please consult your tax advisor for more detailed information or for advice regarding your individual situation.
Amounts above the $15,000 annual gift tax exclusion count towards the lifetime exclusion. So if you were to give $100,000, $85,000 would go towards the lifetime amount. The gift giver needs to file a gift tax return, but may not have to pay a gift tax depending on the lifetime maximum. The recipient usually doesn’t need to report the gift.
Source: Nerdwallet, 2020 Gift Tax Rates: I’m Generous, but Do I Have to Pay This?, July 2020.