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Thank you for taking out time to help me. I live in the USA and the question related to tax return with IRS.

Last year, my family member, also in the US, send us $50k in my account to buy the house under my name. The money was in my account for a week and then I bought the house with it.

Do I need to report it to IRS and if yes, which section of the Tax return it shall be addressed.

Thank you!

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    The title makes it sound like the house is in your name, but occupied by the family member. That's going to be treated differently than if the family member gave you money to buy a house for yourself.
    – chepner
    Jan 30, 2021 at 18:23
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    I think we need more info for a good answer. Was the $50K a gift, a loan, or a shared investment? Are you occupying the house, or the family member, or both? Or is it a rental? If you sell the house, would the family member expect part of the profits?
    – jamesqf
    Jan 30, 2021 at 18:45
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    Did a family member buy the house (question title) or did you buy the house (question body)? Who lives in the house, who pays property taxes and maintenance/upkeep, and who (if anyone) collects rent from any tenants?
    – yoozer8
    Apr 29, 2021 at 20:35
  • @yoozer8 They send money to me. I bought the house and I live there and pay taxes.
    – NIT_GUP
    Apr 30, 2021 at 22:54

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The simple answer is "no". A recipient of a bona-fide gift isn't obligated to pay tax on that gift.

In the US, a gifter might have some obligation. I am only permitted to gift $15,000 per year per recipient with no reporting obligation. My wife can gift the same amount, so we can give our daughter, friend, sister in law, etc. up to $30,000 per year between us. If the recipient has a partner, we can gift them a similar amount. i.e. 'couple to couple' gifts add to $60,000/yr with no reporting.

Above this, the gift tax form is required, but it's a simple matter of claiming it against the lifetime exemption amount, which is currently over $11M.

TLDR; NO

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  • Thank you so much. As the recipient, I don't even need to mention it in the tax return form.
    – NIT_GUP
    Jan 30, 2021 at 18:15
  • Unless I misread your details (possible, I know), there is no tax. It's a gift. No reporting.
    – JTP - Apologise to Monica ♦
    Jan 30, 2021 at 18:17
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    I don't see that there's really a gift here--he's just owning it for them for some reason.
    – Loren Pechtel
    Jan 31, 2021 at 3:02
  • As I reread the question, I see the ambiguity. It’s for OP to answer what the details are.
    – JTP - Apologise to Monica ♦
    Jan 31, 2021 at 3:48

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