Are Gifts for Down Payment Taxable? (Video)
The big question about giving or receiving a gift of cash for down payment..."is it taxable?" In this video Nick Kristoff will answer that question and give you the breakdown of the IRS tax form 709 that used for gift tax filing.
For those looking to skip straight to the answer: No. For most people and situations a gift for down payment would not be a taxable event.
Disclaimer: I am not a tax advisor. This information is provided as a convenience to those trying to get an answer to this common question. I have talked with tax advisors and reviewed the IRS website to make the best effort to provide accurate information. However, please talk a tax advisor for official advice.