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Tax.appeal.168
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Money was given a relative to purchase a house. Does he have

Customer Question

Money was given a relative to purchase a house. Does he have to declare this money?
Submitted: 1 year ago.
Category: Tax
Expert:  Tax.appeal.168 replied 1 year ago.

Q: Money was given a relative to purchase a house. Does he have to declare this money?

A: No, this is considered a gift, and gifts are not taxable. However, if the person who gifted the money is a U.S. person, he or she will need to complete a Form 709 if the amount was $14,000 or more. The money is not taxable to either the donor or the donee. The Form 709 is for informational purposes only. Refer to the following IRS link for more detailed information relating to gifts and taxes.

https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes

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