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Receiving large sum of money

I am buying a house, the seller is giving me $40k back after we close for home renovations. Would it be better to open a separate banking account and have the money transferred there to be used solely for the home renovations? Would I need to pay taxes on the money received? Would it be considered a gift? 

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Receiving large sum of money

Hello, @cmthompson88!


Here is some information I found from one of our SuperUsers on a similar post.  Please review it and let us know if you have any additional questions.