My boyfriend and I bought a house over the summer and received money as a gift to help with down payment. His mom gave $10000 and my dad gave $14000. we later received a $5000 house warming gift from his grandparents. will we be taxed on receiving these gifts?
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In the US, gift givers may be subject to tax, not gift receivers. And $14K is the limit for one individual to another, so they should be fine.– D StanleyCommented Nov 17, 2017 at 15:43
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2As a side note, make sure that both of you are on the title and mortgage, and that there's an agreement in writing as to how much of the house each of you owns. There are many questions dealing with breakup situations with a shared house involved.– D StanleyCommented Nov 17, 2017 at 15:45
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1You'd better be getting them all some nice Christmas/Hanukkah/Eid/whatever gifts ;)– CactusCakeCommented Nov 17, 2017 at 16:03
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2Which country are you in?– Ben MillerCommented Nov 17, 2017 at 16:25
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