@itserine wrote:
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).
Only once the lifetime exclusion is exceeded will any tax be due.
@itserine wrote:
2) Can they just write me a check for this amount without any issues at the bank?
They can simply write you a check but the bank may want some sort of "source of funds" information (e.g., gift letter, bank/brokerage statements, etc). You will have to inquire as to what, exactly, your lender will require.
