Legal Question in Tax Law in California

what is the taxability of a $40k gift from a family member for the purchase of our primary residence? Is it considered income to us?

Asked on 2/02/11, 9:05 pm

1 Answer from Attorneys

Mayer Nazarian Nazarian Law and Tax Group

0 users found helpful

0 attorneys agreed

A gift is not taxable to the person receiving it and is not considered income.

Enjoy your new home!

Answered on 2/08/11, 4:49 pm

Mark as helpful

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