Best Answer: 1. The receiver of the gift does not pay any tax. So you can receive gift of any amount without filing gift tax return. 2. If your parents are U.S. citizen or resident, then they can each give a gift of $12,000 in a year to any number of persons without any gift tax.So both parents can give you $24,000 in a year.3. If your parents are foreign person, then they can send you any amount.lso, that person will not have to pay income tax on the value of the gift or inheritance received: Basically your parents can each give you a gift tax free gift of $12,000. I would figure that when you receive the money just file it as a gift when you fill out your normal income taxes.
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