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[quote=Anonymous][quote=Anonymous]Do the amount allowable to under the gift tax, 56,000. If they were planning on giving more have them give it to you after jan 1. That way no gift tax or estate liability[/quote]

OP here,

For all the nasty people out there, just go away.  I'm happy that you were able to buy your own outrageously expensive (compared to other areas) house all on your own but some of us can't.  DH comes from a culture where helping one's children out financially - to buy a house, pay for advanced degrees, etc. is the norm.  His grandfather gifted his mother a plot of land and $$ to build a house when she and FIL got married so they want to do the same for us.

For those of you who have been helpful, thank you!  I was just looking some of these things up and it looks like ILs can gift each person in my family a total of $28k without incurring a gift tax.  But to the pp who said that as long as it's under the lifetime max (5 mil) it's ok?  Is this true?  I mean, do you know this as a fact?  Our gift will be WELL under that max.  Thanks again![/quote]

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