Legal Question in Tax Law in California
what is the taxability of a $40k gift from a family member for the purchase of our primary residence? Is it considered income to us?
Asked on 2/02/11, 9:05 pm
1 Answer from Attorneys
Mayer Nazarian
Nazarian Law and Tax Group
A gift is not taxable to the person receiving it and is not considered income.
Enjoy your new home!
Answered on 2/08/11, 4:49 pm