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Gift Tax & House Downpayment

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simonwelch

Guest
What is the name of your state? PA

My girlfriend and I are buying a house together. We are both contributing money for the downpayment but the mortgage will just be in my name. We therefore, want all the downpayment money in my account. Can she give me more that $11,000 without any tax consequences for this purpose?

TIA, Simon.
 


abezon

Senior Member
If her name is on the title, then it's her contribution to the purchase, not a gift to you. However, since you are not married, I strongly urge you both to write up a clear agreement that covers ownership, who decides what, who pays for what, and especially how one buys out the other if you split. Nolo Press's The Living Together Book & The Legal Guide for Gay & Lesbian Couples both contain good examples of agreements. Check your library. Be sure the downpayment is covered. This will prove that she was not making you a gift of the money.
 

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