I am concered about my 2023 income tax return. I gave my son $16,000 to help him purchase their house. Their divorce settelment states that the $16,000 is to be paid back to me. It was not a loan but a gift. Because it was a gift and not a loan would that be considered income from the sale of the house.
The mortgage papers says it was a gift but their divorce papers says it was a loan. We gave the money to them with no expectations of being repaid.
So if it was a loan how would that be reported?
