Father-in-law lives with us. We are moving. Father-in-law wants to give $100,000 toward purchase of home paid directly to builder. What are tax implications for us?

[Rainman12 · Accepted solution]

None. Gifts are not reportable income to recipients.

FIL, however, should file a Gift Tax Return (IRS Form 709). No tax to him either. IRS just wants to monitor transfers.