I received a gift from a family member that exceeds the $14,000 limit for a down payment on my home. Do we both need to file the Form 709 and that is all?

jlinville0014 · ‎June 4, 2019

MaryK1 · ‎June 4, 2019

The donor is responsible for submitting the gift tax return. However, if the donor does not pay the tax, the person receiving the gift may have to pay the tax.

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Rainman12 · ‎June 4, 2019

... but it would take Years and Million$ for an amount to be assessed for taxes. For you, for now - Don't file anything. Just tell giver They should file a 709, but no taxes are due until millions have been given ...

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I received a gift from a family member that exceeds the $14,000 limit for a down payment on my home. Do we both need to file the Form 709 and that is all?