<prompt> Human: As far as I can tell, if my mom writes me a check for 14k and my dad writes me a check for 14k, they will be exempted from paying any taxes. Should we wait until next year to write another check for the remaining 12k? Thank you.  <response>: Over that threshold they the givers have to file a gift tax return. They are allowed to give up to 11 Million in their lifetimes without paying gift taxes. So if they give you the full 40k today, they will have to report it but are unlikely to owe taxes on it. Good luck! 