Gift Tax
My Father In-Law and Mother In-Law are going to give us a non-repayable gift of about $150,000.00 to be used to pay off all our debts, and put down on a home. What do we need to know tax wise, for both us and them, as far as declaring, how much we will owe, etc.
1 Answer from Attorneys
Re: Gift Tax
Your in-laws will have to file federal gift tax returns. Each of them will report a gift of $75,000, and each will claim a $22,000 exclusion. The net amount of $53,000 will use up his and her lifetime credit. No tax is presently payable by them or you. The use of the lifetime credit will be taken into account when estate tax returns are filed, it required. An estate tax return is required if the decedent had assets valued at $2 million; $1 million in New York.
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