Page 176 - Other Income for Individuals

Down payment assistance

Down Payment

 If you purchase a home and
receive assistance from a
nonprofit corporation to
Down Payment  If the corporation qualifies as
make the down payment,
that assistance isn’t included
in your income.

a tax-exempt charitable
organization, the assistance
is treated as a gift and is
included in your basis of the
house.
 If the corporation doesn’t
qualify, the assistance is
treated as a rebate or
reduction of the purchase
price and isn’t included in
your basis.

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