I read the secrets of the millionaire mind, followed some of the steps, ended up saying I was a money magnet, came across a nickel, said I was a money magnet, customer gave me 120 dollars, said it again and my monther in law is gifting us 40k to buy a house.

I was gifted a house from my parents worth $50,000.

In my limited reading, it appears that there are some limits on this so that people don't skirt the gift tax, but I am sincerely looking for some insight.Much appreciated!

If they gift it to you now, their basis will carry over to you (and if they bought the property a long time go, their basis could be really low).  

Buy only where your CoC returns a cashflow while holding and treat appreciation as a gift, not a necessity of the transaction.

I was born and raised on a farm, was home-schooled for the first part of my life, joined the military out of HS, and have pushed myself to become something greater than what I was told I would be.About 2 years ago I was given the book "Rich Dad, Poor Dad" as a gift.

You can send gold, gift it, spend it etc.

Hello, BP - I'm looking for a tax/legal professional in the Raleigh area to discuss my upcoming real estate gifting situation.My mother-in-law (non us citizen) is about to gift my wife (dual citizen) and I a fairly valuable property in a foreign country.

We talk about investing all the time, mutual funds, multi-families, single families...Teaching your kids how to work, invest, give and live on less than you make is one of the greatest gifts any parent could give to their child.

Gift taxes run about 55%.