My mom gave my husband and I a gift of $20,000. Do we owe taxes on this?

Question

My mom gave my husband and I a gift of $20,000. Do we owe taxes on this?

Answer 1

Your mom can give a gift of $12,000 to you and $12,000 to your husband without any gift tax filing requirement. The receiver of the gift does not pay any gift taxes.

Read:  http://taxipay.blogspot.com/2008/03/us-g...  

Answer 2

Gifts between spouses are not subject to gift tax

Answer 3

Yes you can get away with a gift up to 9,999 any higher than that you should have to pay taxes on

Answer 4

The recipient NEVER pays taxes on the gift.

Your mom as giver is the one who avoided the taxes by giving $10,000 to you and $10,000 to your husband.  Since each gift was less than $12,000 (the current exclusion amount), she doesn't have to do the gift tax form.