I just sold my home for 249,000 that I purchased off my parents and was paying them direct,I have the clean and clear deed in hand, I still owe them 63,000 , what is the maximum amount of money that I can give them so they do not get taxed ...is it 10,000 a year or can I give them 10,000 a week...
As of 2010, the non-taxable gift limit is $13,000 per year, per person.
The gift tax is a tax on the GIVER, not the recipient. Recipients don't have to pay tax on gifts, but givers have to pay tax on the gift if they give more than $13K per year per recipient.
But it sounds like you are just paying off your debt to them, that you're not giving them a gift. If you're in doubt about how to pay them and what the consequences are of paying them in a particular way, talk to a Connecticut lawyer who specializes in tax.
Not legal advice as I don't practice law in Connecticut. It's just my take on your question based on general principles of law. If you need legal advice, please consult a lawyer who holds Connecticut licensure.
I do not see a gift tax issue. You can give your parents one million dollars and not have any gift tax consequence. You would need to file a gift tax return, but you would not owe any gift tax.
However, if you bought the home from your parents, and they accepted a Note (or Loan) from you, and if they sold the home to you for more than its "tax basis" then they would have a taxable capital gain. If they elected to defer the gain until the loan was paid, then your repaying the loan in any amount would have a taxable affect.
Example: If parents bought the home for $100,000 and sold it to you for $150,000 then 1/3 of every dollar you pay is taxable as capital gain. Parents could have elected to just take the $50,000 gain in the year of sale, or they could defer the gain to the years when they were paid the cash.