We close on a house this month, and my parents offered to put down $40k. I understand that a parent can give $12k without penalty. Also, a married couple can give $12k separately ($24k).
My question is, can my Mom give $10k to me and $10k to my wife.... then by Dad give $10k to me and $10k to my wife?$40,000 gift from my parents, without taxes. Will this work?
Yes... As a married couple to a married couple... The gift exclusion would actually be $44,000...$40,000 gift from my parents, without taxes. Will this work?
Yes what you suggest will work just fine.
If it did qualify as taxable the tax is to your parents not you.
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