Gift Money Vs.Taxes
I have a feeling this is wishful thinking on my part but I'm asking anyway:
If someone give "gift money" to me to be used towards the purchase of a house, and I'd used it as a down payment or easnest money because my intentions are to flip the property, can that gift/money be a tax deduction for the giver?
Thanks for the imput!
There are no tax "deductions" for gifts unless the recipient is a charitable organization recognized by the IRS.
You can give anyone you want a monetary gift, but it is not a tax deduction. If you give someone more than $11K during the year, then you must report the amount that exceeds $11K on a Gift Tax Return that you file with your annual 1040.