<prompt> Human: Can someone explain the lifetime limit before the IRS comes into play?I am well aware that the limit before taxes pay a role is 14k per parent. I am in the process of buying a house and my parents would want to gift me some money for the purchase. In that case, the annual limit comes out to 28k.What if they want to go above and beyond? Can someone explain how the lifetime limit would work? Would this be allowed -- If they put a HELOC on their home and take the money and gift it to me? What if that amount exceeds the 28k limit? Can they just have it apply to the 5 million lifetime limit?Thanks!  <response>: If they put a HELOC on their home and take the money and gift it to me?From the IRSs perspective, the gift can come from whatever. That would be fine.No comment on goodbad idea. :- What if that amount exceeds the 28k limit? Can they just have it apply to the 5 million lifetime limit?Yes. They file a gift tax return.Id guess thats not awful, but Ive not done it. They can take a look at the form to see if it looks like something they can and want to do themselves.BTW, that 5 million is also per-person I believe, giving an effective 10MM. 