Generally you should owe no income tax on the receipt of a gift of any amount. The person making the gift to you may have a gift tax consequence, but if they do it is their reponsibility to pay and not yours. Please contact your tax advisor if you have more questions.
Michael Saunders & Company
5100 Ocean Blvd
Sarasota, Fl 34242
I can not answer the tax question and you should ask your accountant that question, but I can tell you that there is no cap on the amount of a gift you can get from your mother. If you have any other financing questions, I would be happy to answer them for you. Feel free to contact me at any time.
Joshua Lerette - The Tampa Bay Mortgage Pro