As long as the receiving spouse is a U.S. citizen, there is no limit to the value of “gifts” that can be exchanged between spouses under federal law. In the event that the receiving spouse is not a U.S. citizen, then the first $125,000 (as of 2007 and with the exception of gifts of future interests in property) is considered not taxable by the IRS.
For gifts of value greater than $125,000, any gift tax due should be paid by the giver and not the receiver.
Of course, the couple (assuming both are U.S. citizens) would still have to pay income tax on the amount or value of the gift unless this tax had been paid in prior year.
Most states also do not impose a tax upon gifts between spouses but a few still do so check your state’s tax laws to be sure that you won’t owe an additional amount when you file.