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February 17, 2021
Question

I gifted a large sum of money to my son to purchase a home. How do I show that money?

  • February 17, 2021
  • 1 reply
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1 reply

Employee
February 17, 2021

Gifted money is not entered on your income tax return.  If the gift exceeded the current annual gift tax exclusion amount of $15,000 you may have to file a gift tax return, IRS Form 709.

Where do I report a cash gift? (intuit.com)

**Answers are correct to the best of my ability but do not constitute tax or legal advice.