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Get your taxes done using TurboTax
Hi @Nowall3
That is very generous of you to gift your daughter so much for a down payment.
How much can a parent gift for down payment?
For parents, making a down payment gift represents one of many ways to transfer wealth, often with fewer tax implications. For tax year 2022, you and a spouse can each gift your child up to $16,000, for a total of $32,000, without triggering the gift tax
IRS Link
As far as how you should split the gift, you have to consider who the gift is really to in order to avoid possible penalties or an audit. If you gifted the full amount to your daughter to purchase a house and your son did not actual receive any gift, then you should report it as such.
As far as you having to pay taxes will depend on your lifetime gift exclusion.
Info on this can be found HERE
Thank you for choosing TurboTax!
IRS Link
As far as how you should split the gift, you have to consider who the gift is really to in order to avoid possible penalties or an audit. If you gifted the full amount to your daughter to purchase a house and your son did not actual receive any gift, then you should report it as such.
As far as you having to pay taxes will depend on your lifetime gift exclusion.
Info on this can be found HERE
Thank you for choosing TurboTax!
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‎November 16, 2022
10:23 AM