My wife and I are about to purchase a home and my parents are going to help with the down payment. On the IRS site, I read that a person can gift any other person tax free up to $10000. The way I intrepret it is that my Dad can give me $10K and my mom can give me $10K and then repeat the procedure on my wife this way we can have up to $40K for OUR down payment and there are no tax headaches. Also, my wife and I file jointly as do my parents.

My questions are:
1. Are there any forms that need to be filed with the IRS and from whom?

2. Since we both file jointly can my interpretation above hold?
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Answers:
1) No, as long as it is $10K or less per person from each parent, as per your plan.
2) Yes.
--BigBunk