Sentences with word «giftor»
But Kutner warns there may be tax implications for the giftor in the other country, which may warrant separate tax advice.
moneysense.ca
Of course, both the borrower and giftor must attest in writing to gifted funds being non-repayable, but that is hard to police after closing.
The letter, signed by the giftee (home buyer) and the giftor (family member) will confirm the gifted funds are not to be repaid.
In the US, you as the giftor would have to pay the taxes.
In order to use a cash gift for down payment, however, a paper trail must show the gift funds leaving the giftor's account, and being deposited into the home buyer's account.
In order to use a cash gift for down payment, however, a paper trail must show the gift funds leaving the giftor's account, and being deposited into the home buyer's account.
The down payment gift rules are (1) the gift must be documented with a formal «gift letter»; (2) a paper trail must be shown for the gifted monies as they move from the giftor's account to the home buyer's account; and (3) the gift may not be a loan - in - disguise.