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PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4666
Experience:  35 years tax experience, including four years at a Big 4 firm.
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My father in law and my father are gracious enough to help

Customer Question

Hi, My father in law and my father are gracious enough to help with the build of our new home. How much can they each give before taxes kick in?
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: I believe my father in law can give my wife and I up to $14,000 each ( $28,000 total). If we received that, would my father be able to give us the same?
JA: Is there anything else the Accountant should be aware of?
Customer: No thats my only question
Submitted: 1 year ago.
Category: Tax
Expert:  PDtax replied 1 year ago.

Hi from Just Answer. I'mCustomer and can assist.

Expert:  PDtax replied 1 year ago.

Unless the donors have a taxable estate, which under current law is in excess of $5 million, gifts to their children are not taxable to anyone.

The $28,000 per pair of parents is completely tax free. Gifts in excess of that are likely still tax free, they just use up some estate tax credits that very few people use anyway.

Thanks for asking at Just Answer. Positive feedback is appreciated. I'mCustomer