Parents paying house down payment

What is the name of your state? California

My parents want to pay $53K of the downpayment for the new house I am purchasing. Can this money travel from their bank accounts to my escrow, without having any tax implications brought on by the gift tax law which states that my 2 parents can give myself and my spouse (non US citizen) each $11K, which would be a maximum of $44K, leaving me $9K short.

Any ideas on how I can achieve my goal?

Thanks,

Xeifrank

They just file a 706 gift tax return and declare they gave your spouse $22,000 and gave the rest to you. The don't pay any taxes; they just use up $9,000 of their lifetime gift/estate tax exclusion.

abezon said:

They just file a 706 gift tax return and declare they gave your spouse $22,000 and gave the rest to you. The don't pay any taxes; they just use up $9,000 of their lifetime gift/estate tax exclusion.

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Do I have to declare the extra $9K as income on my tax return?

Thanks!

no