For 2006, the maximum gift allowance is now $12k from one single person. So your mom could give you $12k, your dad 12k, gramma, 12k , etc. etc. and not pay any taxes on that money. Then if you have a spouse, they can give the same to her as well, and you still would not have to pay any taxes for the combined gifts between the both of you. But like 3aficionado says, there is a lot of misinformation, some right, some close to being right, and others just way off. The best is to talk to a CPA for correct advice; however, I think that as long as we are close to being right, it gives us an ideal of what we can expect.
-2006 BMW 330i-Sapphire Black- Tera Leather-Aluminum trim- 6spd manual- Sport- Premium- Cold- Navigation- Euro. delivery
-2005 Yamaha Warrior 1700 102cu"