Yes, in the US. Do I understand the gift tax thing right - I found this online:
When you give anyone property valued at more than $14,000 in any one year, you have to file a gift tax form. Also, under current law (2016) you can gift a total of $5.43 million over your lifetime without incurring a gift tax. If your residence is worth less than $5.45 million, you likely won't have to pay any gift taxes, but you will still have to file a gift tax form.
If they give me the house, and I don't sell it, there's no tax penalty?
I guess if I sell it later, I have to pay capital gains, etc. but not really worried about it.
Is that the gist of it?