@AndrewA87 wrote:
So would I report it as income if it was consdered repayment of a loan?
Repayments of loan balances are not considered to be income for federal income tax purposes and, as such, do not need to be reported on your federal income tax return.
What may become an issue here is whether you be receiving the $16,000 directly from your son or some other party. If, for example, the settlement agent (title company or similar entity) issues the check and a 1099-S, then you will have to report that payment on your return.
