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

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.

posted

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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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.**