The U.S. Food and Drug Administration (FDA) is strengthening an existing label warning that non-aspirin nonsteroidal anti-inflammatory drugs (NSAIDs) increase the chance of a heart attack or stroke.
Not everyone receiving a cash gifts want to make a 20% downpayment, though. Cash gifts are also allowed for low-downpayment mortgages including the FHA purchase mortgage, which requires a 3.5% downpayment; and the Conventional 97 mortgage from Fannie Mae and Freddie Mac which requires just 3% down.
The amount of the gifts given beyond those exclusions can be subject to a tax rate between 18 and 35 percent. There is however, a lifetime gift ceiling. The tax code for 2011 says you can give away $5 million in cash or items during the course of your life before the excess will be subject to the gift tax. That tax rate is 35 percent in 2011.