(IANAL, but I've had to look into this myself.)

On the Federal level, you can basically gift anybody any amount of money -- or the equivalent in property -- but you have a lifetime limit (or something like that) before you pay taxes on the gift, AND you must report to the IRS any gifts >$15k (if it hasn't already been upped). The recipient pays not Federal tax on such gifts.

I have never heard of any equivalent issue in NJ Tax Law -- but IANAL. Consult a tax attorney, though a CPA might also be able to provide answers. (Don't trust ordinary tax preparers like H&R Block on such questions.)