I am a US citizen who is trying to buy a house for the first time, my boyfriend who is Canadian gifted me $26K by way of a cashiers check from his Canadian bank, he will be giving me another $24K in the same manner. This monies sole purpose is for a downpayment on a house, should I be concerned about the gift tax or anything else for that matter dealing with the IRS?

No, you shouldn't be concerned, but your bank may want to know where the large amount of money is coming from, quite naturally. Your b/f in Canada may have to pay gift tax though.

Tick

He needs to "loan" you the money, have a contract written up. Since it would be a loan, it is not a gift. Plus he is protected if things go bad