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Money and Finances
Reply to "Gifting money- taxes?"
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[quote=Anonymous]None would be applicable in this instance. Just split it into two checks, one to you and one to DH. The first $17,000 each incurs neither a tax nor a reporting obligation. So that's $34,000. Technically, the next thousand would need to be reported by your dad and count against his lifetime gift tax exclusion. But you can get around that by limiting the gift to the $34,000 or straddle years. It might have more of an effect on your mortgage application, depending on the timing of the gift. If it's given near the time of purchase, the lender will require a gift letter from your dad stating the money doesn't need to be paid back. [/quote]
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