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Money was given a relative to purchase a house. Does he have…

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Money was given a relative...
Money was given a relative to purchase a house. Does he have to declare this money?
Submitted: 2 years ago.Category: Tax
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3/2/2016
Tax Professional: Tax.appeal.168, Tax Accountant replied 2 years ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
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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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