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Lev
Lev, Tax Advisor
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I didnt finish my question and clicked on

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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?
Submitted: 6 years ago.
Category: Tax
Expert:  Lev replied 6 years ago.

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 - http://www.irs.gov/pub/irs-pdf/p525.pdf

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$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, Tax Advisor
Category: Tax
Satisfied Customers: 23192
Experience: Taxes, Immigration, Labor Relations
Lev and other Tax Specialists are ready to help you
Expert:  Lev replied 6 years ago.

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