If I receive a cash gift $50,000 from mom and dad for down payment on house, who files IRS form 709 me or them
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.
Public Comments
- they do
- 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.
- 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.
