gift tax as a recipient

[bk2000]

subject: gift tax question as a recipient
state: california
situation:
my spouse & i just received three gift checks, totaling $40k.
- $10k from my parents
- $20k from spouse's parents
- $10k from grandma

q1: how much per year am I allowed to receive w/o filling for gift tax?
q2: how much as a couple are we allowed to receive w/o having to file gift tax and/or pay any tax?
q3: what are the tax ramifications on our gift situation as described above, do we need to file for gift tax, pay any tax, ...?

thank you very much

 

[marriedmom]

You can receive 10K each (you and your hubby) from someone without having to file a gift tax return. So as long as the 20K was separate (10K for you and 10K for your hubby) you are okay. From what you've written there is no gift tax return necessary for anyone. This is only based on the info you've given me. This is federal only - I don't know California state tax law.