Do you claim a 1099-misc if a bank gave you the money as a first time home buyer and was used on down payment towards a home

[tiggstoy]

first time home buyer 1099-misc do you need to file it as income?

[Vanessa A]

Do you have to pay the money back to the bank?  If so, then no, it would be a loan.  

If for some reason you received a prize or something or some type of promotion where you do not have to pay the money back to the bank, then yes, you would claim it as other income. You can enter it by selecting 

• Federal
• Income
• Income from Form 1099-Misc under Other Common Income