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john712: 3 months ago

List of tax deductions---Is money given to son as gift for down payment on a house deductible in tax filing?

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Answer 1

tesla1: 3 months ago

Not if its a gift if it was him borrowing it then yes but you need proof.

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Answer 2

peter35: 3 months ago via iPhone

No it's not deductible. It could also be taxable income for your son depending on the amount

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Answer 3

millicentmach: 3 months ago

Any money you get as a present does not count to your income for tax purposes; hence it will not be deductible. The IRS considers the down payment money as simply a gift from your parents, which they do not expect for any refunds. Read more on http://www.ehow.com/info_8464329_parents-payment-home-taxable-income.html.

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