turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

mattygu3
New Member

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?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

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?

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-...

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Anonymous
Not applicable

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?

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 

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question