HELOC and tax advice

[Steve Bell]

Hi BP community!

My partner and I are planning to take out a HELOC to fund the down payment on our first rental unit. We are looking for some tax advice. If my partner were to give me enough $ for the down payment, but I take out the conventional loan with my lender will he or I have to pay any tax penalties for a financial gift? Does the IRS see that as a gift subject to tax? Would I also get that money taxed because it may be considered income? Thanks for any advice you all may have?