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Money getting wired tax question....
Hey guys,
I was just curious about a situation with my family and a home loan that my parents are processing currently. Basically, they want to give us a part of the home loan which is around 50k to us children. However, is there anyway to transfer the money to my account without any tax issues since it is a big lump some of money? I talked to a bank manager at B of A and they said as long as you wire the money from one account to another in the same bank there won't be any tax issues. Isn't there a gift tax issue with this since it's over the 11k a year limit a person can recieve? Is there any other alternatives? Thanks guys..