My parents are gifting me $50,000 for down payment on a house. I they can give me $12,000 per year/each, but that we have to file form 709 with the IRS. But I would think that as the receiver I would have to file this form with my 1040, but from what I find in the internet, it would be my parents who file the 709. Anfy answers would be most appreciated.
2007-10-29 09:48:45 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Your parents file the form, since they are the givers - the recipient of a gift does not report the gift to the IRS. Unless their total lifetime reportable gifts have been over $1 million, they don't have to pay a gift tax though.
2007-10-29 09:56:43 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
The giver of the gift files the 709.
The receiver just gets to spend the money.
Note: You will probably have to disclose the gift to the mortgage company. Ask your Real Estate Agent.
2007-10-29 17:16:05 · answer #2 · answered by Wayne Z 7 · 0⤊ 0⤋
they do
2007-10-29 16:52:04 · answer #3 · answered by Anonymous · 0⤊ 0⤋