Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

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

Customer Question
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
Show More
Show Less
Ask Your Own Tax Question
Answered in 4 minutes by:
3/2/2016
Tax Professional: Tax.appeal.168, Tax Accountant replied 2 years ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,798
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
Verified

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

Let me know if I can be of further assistance to you regarding this matter. If all is clear, please be so kind as to provide a positive rating of 3 or more stars so that I can receive credit for assisting you today.

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Tax.appeal.168 Your Own Question
Tax.appeal.168
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,798
4,798 Satisfied Customers
Experience: 3+ decades of varied tax industry exp. Tax Biz owner

Tax.appeal.168 is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I have a question on sale of a house. My father-in-law owns
I have a question on sale of a house. My father-in-law owns his house. After the death of my mother-in-law, he wants to downsize. I would like to purchase his house as an investment property as it is … read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,512 satisfied customers
my son purchased a home in 2009. It was his grandmothers home
my son purchased a home in 2009. It was his grandmother's home which was put into her son's and daughter's name. we were under the impression that since he was a first time home buyer he would get his… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
I am housing and boarding a disabled friend. He had his SSI
I am housing and boarding a disabled friend. He had his SSI cut since social security considers his living with me and eating with me income. Can I make myself head of household and declare him as a d… read more
InfoTaxes
InfoTaxes
Owner
Bachelor's Degree
256 satisfied customers
THIS REQUIRES AN ANSWER FROM A US TAX EXPERT, PLEASE: A
THIS REQUIRES AN ANSWER FROM A US TAX EXPERT, PLEASE: A relative purchased a home in 2008. He/she then received Homebuyer Tax Credit of $7500.00 on 2008 Tax return. He/she then left house 09/01/2010. … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Dear Sirs,I am an American citizen and live in Brazil.
Dear Sirs, I am an American citizen and live in Brazil. I intend to buy a property in Miami for my son worth usd250,000,00 (who is also Brazilian/American) and give it to my son as a gift this year. Q… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
A client of mine is 25 years old in 2010. He is in first year
A client of mine is 25 years old in 2010. He is in first year of law school, works part time in a local law office. His parents pay all tuition, books, housing and spending money for him. Can they cla… read more
Bizhelp
Bizhelp
Certified Public Accountant (CPA)
Bachelor's Degree
638 satisfied customers
my son has opened a haunted house in ma,,,friends and relatives
my son has opened a haunted house in ma,,,friends and relatives want to help him because he has no money,,,,they have volunteered....atty grneral says he has to pay them because volunteering is illega… read more
Wallstreet Esq.
Wallstreet Esq.
Tax Attorney
Doctoral Degree
586 satisfied customers
My son tried to buy his first house in Nov 2008 for $125,000.
My son tried to buy his first house in Nov 2008 for $125,000. He was rejected at the closing because he had not worked long enough in his new job. His Mother had to sign the documents. In Dec 2009 he … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Is there a presumption that rent paid to a relative, is not
Is there a presumption that rent paid to a relative, is not a valid deduction in IRS collections proceeding or does it require additional documentation? I was (and am) living in a home owned by my Mom… read more
Jon Andrews
Jon Andrews
CPA
2,926 satisfied customers
first time home buyer $8000 rebate. my nephew was approved
first time home buyer $8000 rebate. my nephew was approved for home loan by a local bank be fore closeing he loss his job therefore he couldnot close on the loan for the house can i loan him the money… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
My father just sold our house in Iran and would like to bring
My father just sold our house in Iran and would like to bring the money into the United States. He is a US citizen, living here for decades. This former residence was never declared on US taxes (it wa… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
My husband and I sold our home in June 2006. We have not owned
My husband and I sold our home in June 2006. We have not owned a home since then. Our combined income is $110,000. I read that the $8000 tax credit for new home buyers also applied to people who have … read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
1,605 satisfied customers
In a divorce decree finalized 1/31/08 one house was given to
In a divorce decree finalized 1/31/08 one house was given to the ex and one was given back to me but he owed the notes on both, He sold the one he owned ar a $17000. cash out and he let the one that I… read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
I got money transferred to my account from my relatives from
I got money transferred to my account from my relatives from another country, this is not my income, do I have to declare as my income anyway?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My dad and I owned a condo in Miami, FL since 2005 we were ...
My dad and I owned a condo in Miami, FL since 2005 we were both on the deed. We sold it last week. I had lived there since 2002 and moved out in 2006 when I moved to Central FL and co owned another pr… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
My domestic partner (jim) is buying me out of our house ...
My domestic partner (jim) is buying me out of our house which we own as JTWROS without a mortgage.When we bought the house I put up 66% and he put up 33%. After he gives me $150,000 for a new house, I… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
I have a friend that has a green card, he wants to sell a ...
I have a friend that has a green card, he wants to sell a home in another country. Is the sale of this home taxable?, can the proceeds be brought into the us? Can the sale's tax liability be altered b… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
large monetory amount gift and related tax implications
A relative(with foreign citizenship and living abroad) giving $800,000.00 US as monetory gift to US resident, what are the tax owe to IRS for both parties? Thanks… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x