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You are twenty three years old and you are about to buy your first house How will your taxes be affected by your mother giving you the down payment for the house It will be between 30-40 thousand doll?
Brian42861
Your taxes will not be affected at all. (Well, you'll have to borrow less, so you'll pay less interest, so you'll get a smaller interest deduction.)
However, if your mother gives gifts totally more than $13,000 to any individual in 2009, she needs to file a gift tax return, Form 709. The amount of her gift over the $13,000 exemption will be deducted from her lifetime gift tax allowance and her estate tax allowance. Once her lifetime gift tax allowance ($1,000,000) is used up, she must pay gift tax.
If she is married, her husband could give you $13,000 of the gift in order to avoid using up part of the gift tax allowance. If you have any medical or tuition bills (not student loans), your mother could pay those directly to the medical service provider or school instead of giving you a gift and they would be exempt from the gift tax and not count against the $13,000 annual allowance. Then you could use the money you normally would have spent for these things towards the house.
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