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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29650
Experience:  Taxes, Immigration, Labor Relations
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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?

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.

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