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I have a question about gift tax limits. How much cash gift before tax becomes an issue are my parents able to give to me?

Regarding your question about how much cash gift before tax issues arise, a gift to you is normally not taxable to you. However, if the gift exceeds the annual gift exclusion amount, the giver will have to file a gift tax return. The gift tax limits were $14,000 for both 2014 and 2015. The gift isn’t likely to be taxed anyway due to the lifetime estate / gift tax exclusion, which is over $5 million.  

The annual and lifetime exclusions are per person. So, your parents together can give you $28,000 without exceeding gift tax limits.

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Calculators

So how much will you get (or owe) this year? That’s the million-dollar question. We happen to have three very useful calculators to help you estimate your refund or balance due.

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