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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. In today's episode, you will 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 assistance finding a top agent in your area or if you simply want to say hello. My contact information is below. If you haven't already done so, please subscribe to this channel now and like this video. Thank you. To get the maximum impact out of this video and learn the most about gift funds for a down payment, you will 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, and sometimes even USDA loans, you can have family members or friends gift you money to assist you with your down payment. However, there are certain requirements that mortgage lenders have regarding this process. They may require a gift letter, specify how long the funds need to be in your account, and whether cash is acceptable. This is a great way for many first-time home buyers to get financial assistance from their family members. However, it is important to understand that once you give the money, it is considered a gift. You should not expect to get it back. Mortgage lenders will ask you to sign a document confirming that you are gifting the money to the recipient, such as your son and his wife, for the purpose of buying their first home. The recipients are typically required to have the money in their account and season it for a minimum of 60 days. When...