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Reply to "Gifting money- taxes?"
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[quote=Anonymous]Yes, as explained above, this isn't something you have to worry about (except as it might affect a mortgage application). To clarify: 1) no matter what, you don't pay gift or estate taxes, the person (or estate) that is giving the money might 2) the $17k per person limit is on the amount that the person giving has to report. The estate and gift tax exemption is about $13 million. If the total estate is below $13 million, then the gifter just has to track and report amounts gifted above $17k, but doesn't owe taxes on it. If the estate is above $13 million, then amounts gifted above that $17k limit may be included in the taxable amount. [/quote]
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