My husband and I were gifted $15,000 a piece this year by parents. Do we have to pay taxes on this $.?

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My husband and I were gifted $15,000 a piece this year by parents. Do we have to pay taxes on this $.?

I know the "gifters" will not be penalized, but do we also get a one time gift of up to $15000.00 without paying taxes?
Additional Details
So, say the limit is $10,000.00 on a gift, then we pay taxes on the other $5000.00 each? Also, this was $ from the sale of a house to us, if that makes sense, as, the gift of equity so to speak.

taxreff

Here is how gift taxes work:

1. The recipients of a gift never have to pay tax on the gift, nor do they have to report it on their tax return.

2. If the donor gave over $12K during the year to 1 person, it is a reportable gift. That means the donor (not the recipient) has to fill out a gift tax return by 4-15 of the following year.

3. When the gift tax return is completed each of your parents will show a $3K taxable gift ($15K gifted - $12K annual exclusion).

4. Everyone is allowed a $1M lifetime exclusion from gift tax. So if your father never gave a reportable gift before, all the gift tax return would do is to report to the IRS that he now only has $997,000 ($1M - $3K) left in his lifetime exclusion. He would owe no tax, because he had not yet used up his lifetime exclusion.

5. Conversely, if he had already used up his $1M lifetime exclusion, he would have to pay gift tax on the $3K.

Judy1

You don't report the gift, or pay tax on it. Any one person can give any other one person up to $12K a year without tax conseaquences.

v b

The gifters need to file form 709 with the IRS. Presumably they are still within their first $1Million in gifts and won't owe anything. (If the total of the gifts was $30K, presumably none of it is taxable if your parents gift split. 2 parents, 2 recipients can gift $48,000 in one year.)

You as recipient don't owe anything on the gift. If you put it in the bank and it draws interest, only the interest is taxable.

jwishz

The recipient NEVER pays gift tax. For 2007 each of you could receive a maximum of 12,000 from each parent. Properly structured, this means that dad and mom could have each written checks to both of you for 12,000. So, they should be OK with this. I have pasted the IRS website for complete information on this issue. It's not too difficult and should answer all your questions

Gary

The gift limit is $12,000 per person. Too bad the parents did not pay the $3,000 on Jan 1, 2008 and not $15,000 in one gift. The parents now have a lot of paperwork to do on their end.

tonalc1

The limit is currently $12,000 per giftee; being a married couple, their amount would be $24,000.

Since they've gone over the amount, they need to fill out form IRS Form 709. They won't owe anything; and neither will you, no matter what the amount.

Molly

As the recipient of the gift, you DO NOT pay taxes.

Please listen to the top contributors.

JK Harris

Gift recipients will not need to pay taxes on the gift each of
them received. The gift giver will need to fill out a Gift Tax Return.

Ask M

I believe the gift limit with no taxes is 12K.

malzo

i need to get myself some new parents..

chasetwins05

It is a gift from your parents - it is not taxed. Neither are personal loans if that makes it easier to understand.

In the event you are ever audited - I would get some type of proof from your parents that it was money given to you from them.

Cali Chic

lucky you..

bgdizzyjlynn

I am not for sure on this one, but I think if it was cash, you would not be penalized. I would suggest putting the money in a safe for the time being. I would ask a financial adviser what to do? But if you have any outstanding debts, I would pay them off if it was me. Best of luck on this issue.

roxxygrrl13

not if they paid taxes on it, if they filled out gift tax form you will be fine

momma``````

you dont pay taxes on gifts

Pat

Most financial institutions are required to file paperwork for any transactions over $10,000. You may not have to pay taxes but there is a possibility of questions.

JeffyB

Assuming this is US, I think the max per person gifting limit is $11,000, though it may have gone up. If it's still $11,000, then yes, you'd have to pay.