If gift tax needs to be reported will any taxes need to be paid?

A gift tax return should be filed (Form 709). The return is due April 15 in the year following the year in which the gift was made. It's doubtful that any gift tax would be owing. The top gift tax rate this year is 35%. Whether a tax is owed will depend in part on how much in gifts have been previously made by the don't (person giving).

Why are you going to give your house away? Are you trying to do Medicaid planning? Specifically to answer your question, though, you are supposed to file a gift tax return to report any gift that exceeds the exemption of $13,000 or $26,000 if your spouse goes in on the gift. However, no gift tax is due, until your total gifts exceed $5 million, as the law currently stands. (This will change to a new number, if Congress passes a new law, or to $1 million, if no law is passed in 2012 or if passed in 2013 but not made retroactive to January 1, 2013. I hope you can answer the questions at the beginning of my answer. If so, you probably need the services of an elder law attorney.

I need more details to answer your question. Who is giving what to whom? Generally, until the unified credit is reached, there is no current tax payable. You really need to speak with an terrene, it should as if you are doing some estate planning without any specific knowledge. Mistakes are more expensive to fix that to do the right thing first.