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garyhoofard1
December 16, 2022
Question

If a relitave pays off your residence are you supposed to add that as income

  • December 16, 2022
  • 1 reply
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1 reply

DoninGA
DoninGA
Employee
December 16, 2022

If the relative does not purchase the residence or does not require the funds to be paid back then it is a gift.  Gifts received are not reported on a tax return.

The giver of the gift is required to report the gift given to the IRS using Form 709 if the gift given is greater than $16,000 in 2022.

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