Carl
Level 15

Investors & landlords

Oh one more thing. Your parents will also need to file IRS Form 709 - Gift Tax Return with the IRS since the value of the gift given in one tax year exceeds $15K. Don't let the name of that form fool you either. They will *NOT* pay taxes on what they gifted to you. But by law they are "required" to report it to the IRS since the value exceeds $15K.