Will I owe taxes on down-payment gift money?

Gift tax responsibility for down-payment money generally falls on the person giving it, not the buyer receiving it, and most individual gifts fall well under the amount the IRS lets someone give without any filing at all. Larger gifts may need to be reported on the giver's federal return, though that rarely results in an actual tax owed thanks to the lifetime exclusion. This is a tax question for a CPA, not a real estate agent, since the details depend on the giver's full financial picture. Ask a tax professional before assuming either way.