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Either you or your parents would have to pay the federal gift tax for any amount over $12,000. I do not know if New York state has a its own gift tax.Ask a similar question
New York no longer has a gift tax. The annual federal gift tax exclusion is $12,000 ($24,000 for married donors) for 2008 and $13,000 ($26,000 for married donors) for 2009. In addition their is a lifetime exclusion of $1,000,000.(This is not considered to be a substitute for legal or tax advice.)Ask a similar question