Federal Gift, Estate and Generation Skipping taxes have long been subject to a unified exemption. Transfers are cumulative. A gift tax return must be filed reporting the cumulative transfers and exemption consumed from prior and the current year returns. Tax is imposed on the amount which exceeds the exemption. There are exceptions, such as the annual gift tax exclusion (presently $15,000), but that's the gist of it.
Homes for sale by owner ("FSBO") transactions are growing in popularity due to the recovery of the housing market. To avoid the cost of paying a commission, many homeowners attempt to sell their properties without help from a real estate agent.