Question???

Boop2704 Posted: Jul 10, 2004 10:56 PM

Question???

My mom is planning on giving us a nice sum of money towards out downpayment when we find a house. I remember reading on here a while back about there being a tax on that money or something if it is over a certain amount? Anyone know about this. If my mother gives us money I was told as long as it is in my bank account for 30 days or something there would be no problem. Is that true?? Thanks!!

ChristineC68 Posted: Jul 11, 2004 12:06 AM

Re: Question???

I think your mother could be subject to a gift tax for amounts over $11,000 (in 2003). Here's an article from the IRS site that explains it. It looks like there are loop holes - like if your mother and father gave gifts to you and DH.