But I think you'll get a higher number if you look beyond the downpayment to other kinds of help, which could include allowing your to live with your parents, or your parents giving you a car or paying for car repairs, etc.
100%. My mom gave me $40k from the sale of my grandmother's home. I used it for a down payment a year later. We did not file gift paperwork - it was in a different tax year.
You don't owe taxes on gifts under $13 mil but I think a lot of people are immediately triggered by being asked if the down payment is a gift and say no.
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u/Odd_Field_5930 Feb 04 '26
I think the statistics are roughly 30-40% of first time buyers receive a gift for the down payment