$$ Gift question

[awdsmama]

$10,000 is the magical number you can receive from a person before the tax issues come up right?

Can I receive $10,000 from EACH of my parents (still married if it matters) / $10,000 from one and $5,000 from the other etc.......

[DallasLoanGuy]

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@awdsmama wrote:

$10,000 is the magical number you can receive from a person before the tax issues come up right?

Can I receive $10,000 from EACH of my parents (still married if it matters) / $10,000 from one and $5,000 from the other etc.......

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check with your cpa.

but i think they can gift you last yrs $10k and this yrs $10 in this year and avoid the tax man.....

did that make sense?

[cclee]

For 2013 it's 14k each, 2012 was 13k, for reference to what Dallas was saying to do.

[awdsmama]

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@cclee wrote:

For 2013 it's 14k each, 2012 was 13k, for reference to what Dallas was saying to do.

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Thank you cclee and Dallas, makes perfect sense. Or cents haha.  Lame, I know.

[rehr22]

In regards to gifts, is there a certain amount of time you would want this extra cash in your account before applying for the mortgage? I here reports of 3 and 6 months, so curious which is more likely.

[JM-AM]

You do not have to season gift funds.

Who ever gifts you the money has to provide a letter and any other documentation required as per their requirements.

[rehr22]

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@JM-AM wrote:
You do not have to season gift funds.

Who ever gifts you the money has to provide a letter and any other documentation required as per their requirements.

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So I was wrong in thinking they would want to see you have your own funds to cover the closing costs and/or down payment on a new mortgage?

[JM-AM]

You just let them know the funds are being gifted and they will let you know what they require.

[rehr22]

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@JM-AM wrote:
You just let them know the funds are being gifted and they will let you know what they require.

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thanks, JM.