Because we've seen "gift funds" from family showing up more commonly in home purchases for help on down payments and closing costs, it's worth reading a bit about how the IRS views these and what the limits are for each party involved (gifter/giftee)...
The link below leads to a Q&A session on the subject and does a concise job of explaining current rules... these are subject to change each year so always check with your CPA or on the IRS website for the most current details/amounts allowed.
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