Frequently Asked Questions

icon question2 My parents gave me a cash gift of $20,000.  Am I subject to income tax on this gift?
icon answer2 No. The receipt of a cash gift is not subject to income tax. Your parents may have gift tax ramifications.
icon question2 I have my principal residence, a beach condo and a home in the mountains. Can I deduct the property taxes on all residences?
icon answer2 Yes. There is no limit on the total amount of property taxes you may deduct, either based on value or on the number of residences you own.