Do you have to file a gift for a down payment on a house in your taxes?

Answer by  Chaneygirl (1755)

No, you do not have to file a gift from your parents for taxes. Your parents may need to file a gift tax return depending on the amount.

Answer by  Binome (1975)

It depends on the amount given. For 2009, the IRS says that a person can give away up to $13,000 without needing to claim it. Spouses count separately towards this limit, so they could possibly have given away $26,000 total without needing to pay taxes. Unless agreed otherwise, the gift tax is paid by the donor, not the recipient.

Answer by  John (9008)

In theory, all gifts must be reported to the IRS and are subject to gift taxes, which are higher than regular taxes.

Answer by  EarlOfSandwich (177)

Bona fide gifts are not considered taxable income to the recipient. However The giver, depending on the value of the gift,may be liable for a gift tax.