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matt92martin
New Member

Do I need to pay taxes on a $25000 gifted down payment to loan company for new home?

I do not own the home. It was put under my significant other's name. This is in California.
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macuser_22
Level 15

Do I need to pay taxes on a $25000 gifted down payment to loan company for new home?

Gifts are not reportable or taxable to the receiver.  The gift giver might have to file a form 709 gift tax return if the gift is over $14,000 to any one individual.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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1 Reply
macuser_22
Level 15

Do I need to pay taxes on a $25000 gifted down payment to loan company for new home?

Gifts are not reportable or taxable to the receiver.  The gift giver might have to file a form 709 gift tax return if the gift is over $14,000 to any one individual.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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