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QUESTION DETAIL

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A family member is giving me money towards my down payment on my house, do I have to claim it on my income taxes?


ANSWER


The BIDaWIZ Team's Answer:

No. You are supposed to report the gift on a separate gift

tax return [form 709]. The annual gift tax exclusion amount

is $13,000, per donee; and the current life time gift tax

exemption amount = $1M.

The BIDaWIZ Team

 

 

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