Homeowners, have you ever received a gift from your parents for a downpayment? It is my understanding that there’s a gift tax on anything over $28k, but if you indicate that it’s a loan, it doesn’t...

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It’s not taxable. It just raises to the level where your parents need to file a gift tax return. But there’s a gifting lifetime exclusion that is something north of $5m. So they’d have to gift you like $5.5 m before it’s taxable

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Above $28k, you'll have to file a gift tax return, but as GT noted above me, you won't owe tax unless it's much higher than that.

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Wait 6 months before applying. The point is lenders only go back for a period of time. If you apply one month after depositing it, they will inquire.

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If your parents have less than about $6 Million then don't bother wasting your time filing a gift tax return, 709 returns are for rich people who make complex gifts to trusts

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Look favorable to the lender. Is there a way around this?

GT1 is correct. Additionally, Congress doubled the lifeline exemption so each person can gift around $11 Million without paying federal estate or gift tax

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