Ole Miss Mess

[bwbcpa]

As far as income taxes go any "gift" under 14 grand isn't taxable.

To be a "gift" the money has to be given to a related party (cousin, aunt, uncle, nephew,. etc.) and not connected to any specific performance. In this case, that would be a hard argument to win since the "gift" coincides to signing an LOI. As far as income taxes, the "gift" is not taxable to the recipient - income taxes and gift taxes are two different animals.

[a0ashle]

As far as income taxes go any "gift" under 14 grand isn't taxable.

and the limit only applies to that specific combo of giver and receiver. Different giver, same receiver is another 14k. Original giver can give person A and person A's Mom and person A's dad each 14k.