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!

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Answered on 2/08/11, 4:49 pm


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