Lance has two adult children from a previous marriage. He has gifted them money for the past three years from his separate bank account and his wife has consented to split the gifts each year. Lance made gifts to his children as follows:

2016: Gifts of $60,000 to each child

2017: Gifts of $40,000 to each child

2018: Gifts of $50,000 to each child

What is the amount of Lances total taxable gifts?

Will there be a gift tax liability? Explain

Explain the gift tax filing requirements. Will Lance have to file a gift tax return?