Let's say I won a prize with an approximate retail value of $15k (trip for two to some exotic location). Normally you'd have to pay like $6,000 or so in taxes.
But what if you have a kid who's 20, that's living at home and doesn't have any income. They're too old to be a dependant so they'd presumably have to be filing their own taxes. So what if you gave them the gift? The $15k would fall under the standard deduction and so it seems like they'd be able to claim the gift on their taxes without paying any taxes.
Is that line of reasoning correct?