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Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
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Experience:  Enrolled to Represent Taxpayers Before The IRS
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what is the limit some one can gift to you in one ...

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what is the limit some one can gift to you in one year without you having to declare it to uncle sam. And how much can be gifted to you for the purchase of a house (downpayment) without having to pay taxes on it also.
Hello and thank you for using Just Answer. You can give a person a gift up to $12,000 ($24,000 if the person giving the gift is married) without reporting the amount to the IRS. Any amount over $12,000 ($24,000 if the person giving the gift is married) will be reported on Form 709 www.irs.gov/pub/irs-pdf/f709.pdf . Although tax is calculated on the return, no tax is due until the taxpayer exhausts the $1 million exclusion. The same amount ($12,000, $24,000 if the person giving the gift is married) can be gifted to a person to purchase a home. Every taxpayer is allowed exclusions from gift tax before the tax is imposed. The gift tax exclusion is $1 million.
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