I received a grant of $10,000 from my employer towards a first home purchase. Do I pay taxes on that?
The $ 10,000 is listed as employer grant on the HUD-1. I also received other first time home buyer grants from the state (of New York) and county, but those are tax-free. Just wondering about the $ 10,000 from my employer, there’s no repayment and the only terms were the employee (I) had to have worked full time with the company for over three years.
The $ 10,000 was not included as part of my salary.
I have no documentation of receiving it except for a photocopy of the check and the “employer grant” entry on my HUD-1.
Thank you to everyone who has replied already! Very much appreciated!
I’ve asked my employer and they said that it is a gift, no strings attached. How would I tell the IRS that though?