Hello Bobbie Grover and welcome to just answer.
A gift to the reciepient is not taxable income
to the recipient. Now if we are talking about $150K in cash then the $150K would not be taxable, however if you were to invest the money in something that will earn you interest
then the interest only will be taxable.
Gifts are taxable to the person giving the gift, however thier are exclusion for this too. First of All anyone can gift $12,000 to as many people as they want without causing themselves any gift tax
. For example your mom can gift you $12,000 and your wife $12,000. Then your father could gift another $12,000 to each of you. Without any of this being taxable nor having to report any of this to the IRS
. This is called gift splitting between the two parents.
Besides these methods their is also the Unified gift tax credit
which can allow someone to gift up to $345,800 in a lifetime. A form
709 will have to be reported by the parents at tax
time, but they will not have to pay gift tax if they don't use up thier total Unified gift tax credit.