@taliaclaire1 wrote:
My partner is gifting me $100k for a down payment on a house that we will co-own. We are not married and I’m the only one on the mortgage, so the mortgage company required the down payment to be “gifted” to me. Will this money need to be reported to the IRS and if so, will it be taxed?
Gifts from a donor to a donee that exceed the annual exclusion amount of $15,000 are required to be reported on Form 709 (by the donor (giver of the gift)).
See https://www.irs.gov/instructions/i709#idm140554801429376
No gift tax will be due, however, unless and until the donor exceeds the lifetime exclusion amount.
See https://www.irs.gov/instructions/i709#idm140554799622736
The lifetime exclusion amount for 2020 is $11.58 million.
