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Diva
I am what I am
Member since 12/05 2825 total posts
Name:
Jennifer
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Mortgages and monetary gifts
I'm trying to gather all the paperwork needed for the mortgage loan application. I received a monatery gift from my parents. Do I have to explain this to the bank and what kind of proof if any should I have? Also as far as tax purposes, will I need to fill out any paperwork concerning the gift?
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Posted 4/7/10 12:46 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: Mortgages and monetary gifts
if it is less then 10K (which requires no tax) then you will need to show the deposit into your accounts. If it is a FHA loan you are required to show your parents bank account with the money, showing it leaving their account then going into your account. You would also have to explain further any large money (outside of obvious retirement items or paychecks) in your parents account.
If its more then 10K i think there are more forms to fill out and i am unsure of.
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| Posted 4/7/10 12:56 PM |
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Pray4Baby2010
<3 Cutest Giants Fan
Member since 10/09 5796 total posts
Name:
MB
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Re: Mortgages and monetary gifts
My parents had to sign something saying that they were giving it as a gift- the bank provided the paperwork
The bank wants to make sure that its a true gift and not expected to be repaid- hth
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| Posted 4/7/10 12:56 PM |
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SnickNNick
In our new house!!
Member since 8/08 2119 total posts
Name:
Nicole
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Re: Mortgages and monetary gifts
Posted by Nifheim
if it is less then 10K (which requires no tax) then you will need to show the deposit into your accounts. If it is a FHA loan you are required to show your parents bank account with the money, showing it leaving their account then going into your account. You would also have to explain further any large money (outside of obvious retirement items or paychecks) in your parents account.
If its more then 10K i think there are more forms to fill out and i am unsure of.
Yep, this was what we had to do. It was pretty easy.
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| Posted 4/7/10 1:06 PM |
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Diva
I am what I am
Member since 12/05 2825 total posts
Name:
Jennifer
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Re: Mortgages and monetary gifts
Thanks ladies! 
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| Posted 4/7/10 1:34 PM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: Mortgages and monetary gifts
We transfered money from one bank to another and had to show the withdrawals and deposits.
The whole process is draining but lots of luck!
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| Posted 4/7/10 2:07 PM |
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nraboni
Uggh...
Member since 10/09 6905 total posts
Name:
Nicole
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Re: Mortgages and monetary gifts
Posted by SnickNNick
Posted by Nifheim
if it is less then 10K (which requires no tax) then you will need to show the deposit into your accounts. If it is a FHA loan you are required to show your parents bank account with the money, showing it leaving their account then going into your account. You would also have to explain further any large money (outside of obvious retirement items or paychecks) in your parents account.
Yep, this was what we had to do. It was pretty easy.
This is what we had to do too.
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| Posted 4/7/10 2:21 PM |
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DaniJude
You're My Home <3
Member since 11/06 14815 total posts
Name:
Danielle
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Re: Mortgages and monetary gifts
My parents and IL's had to sign gift letters stating the amount and that it was a gift to us.
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| Posted 4/7/10 5:45 PM |
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rose825
Best Friends
Member since 6/05 10228 total posts
Name:
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Re: Mortgages and monetary gifts
Posted by DaniRella
My parents and IL's had to sign gift letters stating the amount and that it was a gift to us.
this is correct, plus the signed gift letters
PS- The IRS website says gifts can be up to 13K without taxing it
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| Posted 4/7/10 9:12 PM |
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