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Can I get a sample gift of equity letter?

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Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Mon Jan 31, 2011 2:00 am    Post subject: Like 0 Dislike 0 The brother-in-law may gift the down-payment. However, it will be better if the borrower discusses the matter with the lender and takes his opinion in this issue.
Ericbob Guest	Posted: Fri Jun 10, 2011 4:55 am    Post subject: Gift letter Like 0 Dislike 0 I'm unclear on who retains gift info for mortgage paymts. I was planning to get a low-no interest loan from a family member, for which the lender requests a gift letter & copy of cancelled " gift" check. I plan to pay this back by year-end & not get involved with cosignatures, but my family now won't sign the letter because of expected taxes. Does the IRS retain this info, & what is the best route, since it is not really a gift?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Sun Jun 12, 2011 11:15 pm    Post subject: Like 0 Dislike 0 Hi Ericbob! Welcome to forums! You and your family should contact a CPA in this regard and take his/her opinion in this matter. Sussane
tara Guest	Posted: Mon Jun 13, 2011 8:59 am    Post subject: sample gift letter from non family letter Like 0 Dislike 0 Can you show me a format sample of a gift letter, that I would write and sign, for a friend of 20 years. He is the father of my grandchild. This would be for a FDA loan. Thank you
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Mon Jun 13, 2011 10:55 pm    Post subject: Like 0 Dislike 0 Welcome tara, You can check out the given page in order to find out a link for a sample gift of equity letter: http://www.mortgagefit.com/predeal/giftequity.html _________________ Procrastination is the enemy of your financial success
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Tue Jun 14, 2011 11:35 am    Post subject: Like 0 Dislike 0 Ericbob, the IRS isn't involved in this. If you have serious tax questions, you truly ought to speak with a tax advisor, but no lender shares information with taxing authorities - it's not even really relevant. You're nervous about nothing in that case. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
Karen Morse Guest	Posted: Fri Jun 24, 2011 2:00 am    Post subject: $2000.00 gift from brother to help pay closing costs Like 0 Dislike 0 The lender send a fill out letter to have my brother fill out for gifting me $2000.00 to close the sale of a house I am buying. I povided the other $5000.00. The gift was cash that I deposited in my bank account. On the letter the lender wants my brothers bank account number which he will not give out as they are quite wealthy and dont want to give out that information. Is it required that the gifter must give out the bank account information?
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Sat Jun 25, 2011 5:26 pm    Post subject: Like 0 Dislike 0 Yes, it is, Karen. Lenders have seen way too much fraud over the years, and they need to button-down every last piece of the puzzle. If your brother won't divulge the information requested, you'll have a hard time using that $2000 from him. You might have to come up with another relative who's a bit more cooperative, who can also provide you with a couple thousand dollars. If you can cajole your brother into doing what needs to be done, the lender ought to have no problem with it. They're simply looking for adequate documentation in an effort to verify that you're not trying to be sneaky - what kind of funds he has at his disposal won't ever be a part of the equation. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
rose doecks Guest	Posted: Tue Mar 06, 2012 12:44 pm    Post subject: gift taxes Like 0 Dislike 0 My father sold his house to my brother the gift letter was in the amount of $24000 does my father have to pay taxes on that amount?
jerry Moderator Joined: 17 Oct 2005 Posts: 2708 Location: MICHIGAN 429.63 Dollars($)	Posted: Wed Mar 07, 2012 3:06 am    Post subject: Like 0 Dislike 0 Hi rose, There is a gift tax exemption of $13000. Your father will have to pay taxes for the rest of the amount. Thanks, Jerry

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