http://www.pressies.org/are-gifts-taxable/
how do I determine how low I can bid on a house without it being considered a taxable “gift”?
I am trying to buy a parcel of land from my parents for a low sum of money, but don’t want them to get taxed as “gifting” it to me. How do you determine what price point you can use, and how low can this price point go?
You might make an easier case (if an audit happens) if they put it on the market and it didn’t sell for a while then they agreed to sell it to you for more than anyone else would pay.
I don’ think there is a limit, just some little rule that will “red flag” it for the IRS. Call a CPA anonymously and ask a quick question. They will most likely answer for free.
Domestic and International Fringe Benefits: How and When to Tax a Free Lunch
