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Minimorty, can you show me on the IRS website where it states that?

If you look at the link IrvineRealtor posted to the IRS it appears your wouldn't have to pay any taxes on the money gifted to a child. No matter what the amount is.

I'm hoping somebody with a tax background can answer this for me. My father in law is going to give us a large sum of money so that my wife and I can buy a house. I was wondering if anyone knows what the tax implications would be?