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Deductions & credits
I agree with @Critter-3 , but i think the dollar limit would be $30K -- $15K from each parent.
No tax issue for the parents if furniture is sold at a loss, or if their "gift" to son is less than $30K. No tax issue for son in either case.
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
‎September 13, 2021
3:18 PM
3,133 Views