How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28081
Experience:  Taxes, Immigration, Labor Relations
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

I didnt finish my question and clicked on

This answer was rated:

I didn''t finish my question and clicked on enter and I lost the page Getting back to the situation,the money my husband received as a gift from his sister,now it''s under my name and I am trying to get approved for a loan ,my question is: is there any chance it can be taxed by the government again?or I can go ahead and present my bank statement for the loan showing a down payment for a property I want to purchase?

For income tax purposes the gift is not taxable income regardless the amount - as a recipient of the gift you do not need to claim it as income. There is no any amount limit. Please see for reference IRS publication 525 page 30 -


$12,000 annual exclusion is for gift tax purposes only. The donor - if he/she is an US person - would be required to file gift tax return if the gift is more than $12,000 per person per year (for 2007). There will not be any gift taxes unless lifetime limit of $1,000,000 is reached. In your situation the donor would have to pay gift taxes. There is an unlimited gift tax exclusion available to pay someone's medical or educational expenses.

Lev and other Tax Specialists are ready to help you

There is no any other pages on your profile...

Did you used another ID for your previous question? If not - you may ask for clarification or ask additional question for your convenience.

Related Tax Questions