Your title says that your brother is paying for the house, but then then it says your father. It really does't matter, but you don't have to do anything because you are the recipient of the gift. However, whoever is giving you the money will have the duty to report it to the IRS and decide how they want to label the gift. That person gifting you the money will most likely have their estate planning attorney or their cpa fill out the required forms with the IRS, you're off the hook essentially. Congrats and good luck!
Isai Bismark Cortez, Esq.
DISCLAIMER: THE ABOVE INFORMATION IS NOT LEGAL ADVICE. THIS IS GENERAL INFORMATION AND LAWS VARY FROM STATE TO STATE. PLEASE CHECK WITH A LOCAL ATTORNEY OR CONTACT THE IRS OR STATE TAXING AUTHORITY WITH ANY QUESTIONS.
Not sure if it is your brother or father who is providing the money based on your description but in reality you are not buying the house, the other people are buying the house/it is a gift. In the end if your name is on the deed it is your house and your own it. You are the recipient of a gift. A person who receives a gift doesn't have to do anything but the donor(s) of the gift may have to report the gift on a gift tax return. As to whether the donor has a tax depends on the amount of the gift and the gifting history of the person/their personal estate tax situation. Therefore the advice is that the donors seek tax advice.
This is not legal advice nor intended to create an attorney-client relationship. The information provided here is informational in nature only. This attorney may not be licensed in the jurisdiction which you have a question about so the answer could be only general in nature.
Visit Steve Zelinger's website: http://www.stevenzelinger.com/
My colleagues have provided excellent advice. Recommend you follow it.
Evan A. Nielsen is licensed to practice law in California and handles federal tax matters throughout the U.S. The information provided here is for educational purposes only and is not intended as legal advice for a particular matter. This response does not create any attorney-client relationship with the author. For specific advice about your particular situation, please consult an attorney.
There are gift tax implications. Your father (donor) is responsible for any gift taxes. As of 2013, if you gift, per donee, more than $14,000 or $28,000 (if donor is married) in a given year, you are required to file a gift tax return. You won't be required to pay gift tax provided you haven't gone over the lifetime gift tax exemption. If you have any questions please let me know.