Confusion on Gifting $$$

[Greg Routen]

My dad has been kind enough to help me get started in investing in real estate. I know I need to discuss with a CPA but wanted to get some opinions on the best approach for my situation. He is going to give me all the funds to purchase a $30k property and I need to figure out the best way to receive the money without him being taxed on it. 

I know he can gift me up to $14k a year, but what other options are available? Can he gift my wife $14k as well to get close to the $30k? Should he just pay for the property himself and have it in his name? 

I'm also wondering if an LLC would benefit me in the situation? If he just put the money into the LLC.

As you can see, I'm a bit confused at the best approach here. I would greatly appreciate some help here. 

[Brian Faust]

To best of my knowledge, he won't be taxed on a gift of cash to you for 30k.
Once someone goes over 14k in gifts to one individual, a gift tax return needs to be filed.
People get tripped up with the 14k exclusion number as if a gift in excess of that amount triggers a tax liability.
Again, to best of my knowledge, it only triggers a need to file a gift tax return so IRS can deduct that gift amount from his allowable lifetime max (is around 5 million I believe?)

I've prepared a couple gift tax returns but primarily prepare income tax returns for my full time job. I'm not a CPA so hopefully someone with a lot more experience in preparing these returns can validate.