I know that you can receive $12,000 and it is ok. But, say the couple buying the house is not married. The parents of the man want to give a $12,000 gift to the son, and then a $12,000 gift to the future daughter in law. Can you get a gift from your mom and dad, to actually make it $24,000? Then, if that were allowed, an additional $24,000 can be given to the future daughter in law as well? So is that a way of getting around the $12,000 per year per person?
2007-09-25 03:33:48 · 2 answers · asked by Frank P 3 in Business & Finance ➔ Renting & Real Estate
Each of the parents could actually give $12,000 to the son, and another $12,000 to the future daughter in law - so that's $48K all together. Separate checks should be written to each of the recipients from each of the parents, with no check over $12K, to avoid possible iRS paperwork.
2007-09-25 04:20:16 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
Please contact your C.P.A. He/she will be able to break things down for you and give you a plan of action!
2007-09-25 11:06:34 · answer #2 · answered by bettyp 2 · 0⤊ 0⤋