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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.
‎December 15, 2019
2:31 PM