Hello,
I am very blessed and grateful to have my parents offering to give me 300k to build my forever home. I own the property and don't intend on moving. I know my parents will need to file a 709 form because they are gifting me over the 15k limit in a given year. I had two questions:
1) Do they have to pay taxes on this now or is it paid once the lifetime annual limit is exceeded? ( We'll never hit that).
2) Can they just write me a check for this amount without any issues at the bank? I know anything over 10k is reported.
