Hi PF.
I'm getting married this summer. Also looking to buy a house. My parents told me that they want to give me $50,000 to use as a down payment as a wedding gift.
I was talking to my mom about it today, and she was worried about the IRS gift tax. From what I have gathered, there's only one way that they could give me the money without being taxed.
My parents give me $25,000 ($12,500/person) and give my future wife the same gift of $25,000. Is that correct?
I saw that the annual exclusion is $13,000 per person per year.
Any recommendations or clarification would be greatly appreciated.
Submitted February 14, 2017 at 06:04PM by desoxyn16 http://ift.tt/2kHBwuy
