What are the tax implications for receiving a monetary gift from parents to purchase a home?

[keithwolf21]

I'm engaged and my finance's parents want to gift us money for a downpayment on a home. What is the monetary limit they can give us/each of us and how are we taxed for that gift? I read each of them could give each of us $14000- so up to $56000 total. At what point would that be taxable to them, or us? Is that amount correct? Do we have to be married for each of us to receive $28000?

[keithwolf21]

----Edited to add: Can the parents giving the monetary gift file a joint return if they each give $14K to each of us?

[macuser_22]

Yes.  It has nothing to do with how they file a tax return and it has not to do with your marital status.

[MinhT]

Gifts received are not taxable. You do not report them on your tax return.

Your finance's parents can each gift each of you $14,000, that's a total of $56,000, without having to file a gift tax return (Form 709).

If the gifts are over $14,000 by a donor to a donee, the donor has to file a gift tax return. Donors would rarely have to actually pay gift tax, as each donor has a lifetime exclusion of $5.45 million.

Please read this TurboTax article for more information:

https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/...

[08anna08]

Do you happen to know what I have to do from my end if my father gifted me the full amount for a house in 2019? Do I need to click on purchased a home, even though there is no mortgage on it? Taxes for the house have been paid to the county, so I'm not sure what I have left from my end. 

[DoninGA]

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@08anna08 wrote:

Do you happen to know what I have to do from my end if my father gifted me the full amount for a house in 2019? Do I need to click on purchased a home, even though there is no mortgage on it? Taxes for the house have been paid to the county, so I'm not sure what I have left from my end. 

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Since you have no deductions for the home, just answer you did not purchase a home