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Old 05-15-2008, 10:22 PM
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If I accept a cash gift from my father what are my tax liabilities?

What is the name of your state? Tennessee
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Old 05-15-2008, 11:49 PM
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You have no liabilities.

Your father, if he exceeds the $12,000 per year threshold, will need to file a gift tax return. So long as your father has not gifted more than $1,000,000 in his lifetime, then he will still owe no tax - but he still has to file the return

[url]http://www.irs.gov/pub/irs-pdf/p950.pdf[/url]
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