So just as the title says my parents are willing to pay off the rest of my mortgage so I can start building my savings account. The problem I see is that I read the most a parent can gift is 14k a year with no gift taxes. Will they get penalized with hard gift taxes if they give me the full sum all at once? I saw they are required to fill out a 709 form for the IRS. Some website sources I saw the gift taxes only applies if they have gifted approx 5 million in there life time (they definitely have not). Also, is this the best way of going about this? Thanks to everyone that provides feedback.
Submitted December 26, 2018 at 12:36PM by 3fluffykitties http://bit.ly/2ER0i8i
