TomD8
Level 15

Deductions & credits

@soultax09 :  I don't think the IRS would regard either circumstance as a gift, because in each case father receives something of value in return for his money: partial ownership of the house.

 

If father gave money to the son to purchase a home in which the father took no ownership interest, THAT would be a gift.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.