re: I don't understand inheritance tax

quote:

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What if a parent gifts their child more than that amount for a down payment on a house. Then the child proceeds to pay back their parent the full amount. Is that subject to a gift tax?

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*Not legal advice

Have both your parents gift you and your wife 14k each from both of them. Can exempt 56k. Just make sure these are the only gifts in the year. Even a $100 gift card could cause issues.