<prompt> Human: I bought a home this year and received a 12,500 gift from y mom and 12,500 gift from my dad for help on the down payment. How will this affect my taxes next year?  <response>: It will not. The recipient of a gift does not pay taxes on the amount received, the giver does. Each year, each person can exclude a certain amount of gifts from taxation. In 2017, its 14,000, so your parents also dont have to do anything. If they had given more than 14k, they would need to report the gift on their taxes, but it would not actually be taxable until the total gifts over their lifetime including inheritance was greater than 5.3 million. 