What taxes are due on a gift from parents?

ANSWER

The BIDaWIZ Team's Answer:

Gifts are subject to a gift tax, but only if the annual amount

exceeds $13K, per donor. Thus, each parent can provide you

with an annual gift, of $13K, tax free [i.e. $26K in total]. In addition,

each Parent's lifetime gift tax exemption is $1M. So, the gift tax liability

only accrues, once the total gifts, over a donor's lifetime, exceeds $1M.