I'm engaged and my finance's parents want to gift us money for a downpayment on a home. What is the monetary limit they can give us/each of us and how are we taxed for that gift? I read each of them could give each of us $14000- so up to $56000 total. At what point would that be taxable to them, or us? Is that amount correct? Do we have to be married for each of us to receive $28000?
