The down payment your parents give you is not considered taxable income on your tax return. Your mortgage lender may require written documentation to prove the money is a gift and not a loan, which would raise your debt load and make it more difficult for you to qualify for a mortgage.s such, the gift can be subject to tax. Anyone could give a tax-free gift of up to $13,000 for the 2012 tax year without triggering a gift tax.