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Gift Letter at income tax Form: What You Should Know

How To Avoid Avoiding a Personal Tax Audit by Sending A Gift Letter.

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Video instructions and help with filling out and completing Gift Letter Format income tax

Instructions and Help about Gift Letter Format income tax

Thank you for tuning in and welcome back to real estate advice and today's episode you learn about gift funds for a down payment and what you need to know my name is Andrew Finney please consider me your real estate geek I am always here to help if you need help finding a top agent where you live or if you simply want to drop me a line to say hello my contact info is below if you haven't already done so please go ahead and subscribe to this channel now and like this video thank you so to get the maximum impact out of this video and learn the most about gift funds for a down payment you'll want to watch this video from start to finish so let's go ahead and start talking about gift funds and what is a Gift Fund to begin with with home loans like FHA VA home loans are sometimes even like with USDA loans you can actually have family members or friends gift you money to assist you with your down payment now there are certain requirements that a lot of mortgage lenders have about this about how that takes place as far as going from a gift letter how long the funds have to be in your account can it be cash you know that kind of situation that you need to know going forward with a gift fund possibility so it's a great way for a lot of first-time home buyers to get financial assistance from their family members but the term here that's really that you really need to pay attention to is a word gift so if you're watching this video right now you're considered gifting funds to a family member or a friend understand that once...