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How much can a couple receive in a gift for buying a house?
I know that you can receive $12,000 and it is ok. But, say the couple buying the house is not married. The parents of the man want to give a $12,000 gift to the son, and then a $12,000 gift to the future daughter in law. Can you get a gift from your mom and dad, to actually make it $24,000? Then, if that were allowed, an additional $24,000 can be given to the future daughter in law as well? So is that a way of getting around the $12,000 per year per person?
2 Answers
- JudyLv 71 decade agoFavorite Answer
Each of the parents could actually give $12,000 to the son, and another $12,000 to the future daughter in law - so that's $48K all together. Separate checks should be written to each of the recipients from each of the parents, with no check over $12K, to avoid possible iRS paperwork.
- 1 decade ago
Please contact your C.P.A. He/she will be able to break things down for you and give you a plan of action!
