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My Grandmother has very generously offered to give me and DH $25,000 towards buying a house. As I understand it, she can give us each $12K without having to report it to the IRS and pay gift taxes. Could she give the extra $1000 that's left in my daughter's name? (Said daughter is 7 months old.) Does she need to write us each separate checks for the gifts to count as being to different people?

Also, she told me that she was once told that when you take more that $10,000 out of your bank account at once the government comes to investigate. I seriously think she has images of men in black suits pounding on her door wanting to know what she did with the money. While I am certain that won't happen, does anyone even look into it if you take a large sum out of your bank? I know that probably sounds nuts to ask, but I'm trying to humor my grandma, she is giving us a very nice gift after all.

Thanks for your help.

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