Will I have to pay taxes on gift money used as a downpayment on a second home?
No. The receipt of a gift is neither taxable or even reportable.
You may have heard of the "gift tax". It is reported by the giver of the gift, not the recipient, for gifts of $15K or more ($30K if given to or from a married couple). "Gift Tax" is somewhat of a misnomer. Even though a gift tax return may be required, very few people ever actually pay federal gift tax. The purpose of the gift tax return is usually only to document a reduction in the allowable estate tax exemption. Seehttps://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/...
Will I have to pay taxes on gift money used as a downpayment on a second home?
Q. As long as it’s under the $11.58 million, neither party pays taxes on it?
A. That's correct.
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