topic If my parents, who are married, send me $18,000 dollars to help me buy a house, do they have to worry about paying a gift tax? in Get your taxes done using TurboTax

If my parents, who are married, send me $18,000 dollars to help me buy a house, do they have to worry about paying a gift tax?

mattygu3 — Mon, 31 Aug 2020 23:24:04 GMT

Re: If my parents, who are married, send me $18,000 dollars to help me buy a house, do they have to worry about paying a gift tax?

xmasbaby0 — Mon, 31 Aug 2020 23:26:42 GMT

Each of your parents could send you up to $15,000 without a need to complete a gift tax form. They should structure the $18,000 so that some of it comes from each of them.

GIFTS

Money that you receive as a gift is not taxable income to you, and you do not need to report it on your income tax return. Money that you gave as a gift to someone else is not deductible for your taxes.

Turbo Tax does not support the gift tax form 709, but here is a link:

https://www.irs.gov/pub/irs-pdf/f709.pdf

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

https://www.forbes.com/sites/ashleaebeling/2017/10/19/irs-announces-2018-estate-and-gift-tax-limits-11-2-million-per-couple/#3226e75d4a4b

Re: If my parents, who are married, send me $18,000 dollars to help me buy a house, do they have to worry about paying a gift tax?

Anonymous — Mon, 31 Aug 2020 23:44:08 GMT

while they would have to file gift tax returns if the payment to you is not structured properly, they should owe no gift taxes unless they have each made "taxable gifts" (gifts that exceed the annual exclusion) of over $11,000,000