How To Put Funds Inside Paypal?

I'm recv'ng a gift of funds from my mom to put as a downpayment on a house, do I have to pay tax on the funds?

• I live in California. My girlfriend & I have saved enough to put down 10%, my mom is willing to match our funds. She's really concerned that I will be taxed on this Gift of Funds (which bums her out b/c she states she's already been taxed on said funds)... I read somewhere, from a webpage dated from sometime back in 1999, that the "current" tax laws state that I won't be taxed on those funds if indeed it is a purchase of a primary residence (not an investment property)

• Answer:

  Sigh.. here's a link directly to the IRS website on gift taxes below: The previous responders came close. Any gift under $12,000 (twice that from a married couple) does not need to be reported. Gifts over $12,000 per individual gift-giver need to be reported to the IRS on a gift tax return but trigger no immediate tax. Once a gift-giver's gift totals reach $2 million - then the tax kicks in. This often happens after death, thus the nickname "the death tax" or the "inheritance tax". The tax trigger amount has been $2 million since year 2006. In previous years, it was smaller. Some have theorized that the government should eliminate this tax completely, but as it is seen as a "tax on the rich", it is unlikely to be elimnated in the near future.