My father is planning on giving us money to purchase a home here in FL. Now I know that 1-time cash gifts are tax exempt to a certain amount (as income). What is this amount?
Also, my mother-in-law seems to be under the impression that if this money is to be used in the purchase of a home, there is NO limit as to how much the gift amount would be - it would all be tax exempt.
Hook me up with the info moneyguys. :beer: &
Also, my mother-in-law seems to be under the impression that if this money is to be used in the purchase of a home, there is NO limit as to how much the gift amount would be - it would all be tax exempt.
Hook me up with the info moneyguys. :beer: &