<prompt> Human: So my parents have been talking about transferring 100,000 to me as I can pay it as down payment for mortgage. What is the proper process for it? Do I need to report it on my tax return and to the government? I believe parents and family members can only gift certain amount of money each year. Im currently 27 years old and living in California. Assistant: No filing requirements for you. Gift limits are 14,000 per year per parent. Anything above that requires your parents to note this on their tax return. The problem with trying to hide where this money came from is that when applying for a mortgage, they will want to know where the money came from.Human: Got it. Thanks! So if I just be truthful and tell them I got it as a gift from my parents, would this cause any problem?  <response>: you should always disclose this with the bank. also: in many states, if you are not married, but intend to at some point, a gifted down payment from family can make this property solely yours, even in the event of a divorce; therefore, can be declared off limits in a divorce. this is the law in texas and I applied this rule in my divorce. house was mine, no matter how much was jointly paid, etc. over the time we were married. 