Do I Count a Gift as Income on Taxes?
This question is for those of you with any tax knowledge. My husband's and my income for our family of 4 is such that we usually receive a tax refund of all taxes taken out of paychecks plus earned income credit. However, we have no personal debt and an excellent credit rating so we were able to buy our first home. We did not have a down payment saved so our parents gave us a one time gift of $15,000.00 to use for the down payment and closing costs. Do I have to claim this as income? Also, do we HAVE to itemize and claim the interest on our house, or can we just file like we always do because there are pretty much no taxes due to deduct from? I want to file our taxes electronically like I did last year but I wanted to know the answer to this before I do anything. Can anyone help?
Thank You,
Cindy from Lorain, Ohio
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