ST Alpha - "My understanding of gift taxes is that your understanding is correct. -- (edited)" (Reading a Post)

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In response to "Don't we have some financial people here? Question about my dad gives me a cash gift for a down payment on a house." by sycor

My understanding of gift taxes is that your understanding is correct. -- (edited)

Posted by znufrii May 27 '22, 15:18

He won’t owe taxes on the excess amount, but will have to file a form to report it against his lifetime exemption.

Responses:

Okay I just don't want him (or me) getting screwed and having to pay a penalty something. - sycor May 27, 15:21 2
- Thank you for the house. -- nm - Taxman May 27, 16:08 1
  - ~be thankful I don't take it all~♪ -- nm - george H May 27, 16:19

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