An empirical analysis of the effect of the gift tax and the mortgageburden on intergenerational transfe

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Children may receive monetary transfers from their parents to realize the dream of homeownership. This raises the question of whether transfers received decrease if governments also provide a homeownership-related subsidy. The purpose of this paper is to empirically examine this question, using a sample of the Japanese home-buying households that are subsidized by a mortgage tax deduction （MTD) and a gift tax cut. In the empirical stage, we offer a test of the effect of the homeownership-related subsidieson both the extensive （the probability of receiving transfers) and the intensive （the amount of transfers received) margins. The empirical results appear to indicate that the MTD has a tendency to crowd out transfers on both the extensive and the intensive margins,while the gift tax cut lead to the opposite result