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GIFT LETTER. To Whom It May Concern: This letter confirms that the undersigned is making a financial gift of $ ... We, the undersigned Recipients andDonors, hereby certify that: ? these funds are
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Gift funds What are they How much can you get Gift funds when looking to purchase a homeand you're getting a loan That's the topic of our video today I'm here with Sean Glennon Sean why don't you introduce yourself andin 30 seconds or less tell the people a little bit about who you are My name is Sean Glennon I'm a Partner atHome Savings & Trust Mortgage We're an in-house mortgage bank local inFairfax VA We've been working with Matt and the OrangeLine Condo team for a while and I'm happy to be here today to help you all out withsome more information on the ugly part the buying process the financing part of things Yeah so let's get right into it and let'sdive into it because a lot of times relatives parents whoever want to help out and areable and lucky enough to be able to provide gift funds when a relative is looking to buya house First of all what are gift funds and howmuch can you gift That's an answer that can go down a lot ofroads Gift funds are if you are lucky enough tohave a family member able to provide you money to go toward the down payment and closingcosts of your real estate transaction we can use those to help supplement the financingneeds There are rules there are limits there aretax implications that we will need to consider But gift funds a lot of times the personbuying the home doesn't have all the liquid money needed to purchase it and gift fundscan come in very handy if you have the opportunity to get them So let's say I'm buying a house and one of my parents wants to give me call it 50000 That'd be awesome right it would never happen It's not going to So let's say I'm buying a house and a familymember wants to give me money Very overall 1000 feet bird's eye viewhow would they go about doing that and what sort of paper trail do you all need Paper trail is key All of this has to be verified and sourced You'll probably hear your lender refer a lotto sourcing money Deposits transfers gift funds We need to be able to see a paper trail ofwhere that came from What that means to you is that when you receivethat money from your Dad we need it to be in the form of check or wire transfer Ugly word is cash We can't accept cash We can't prove where cash came from Your parent or relative will also have tosign a gift letter form notifying that this is a gift and not a loan Now there are tax implications that couldbe involved with that so it's important to understand tax laws and how it could impactyou There are ways creative ways to get aroundthat What would be an example of a tax law or wouldthat be diving too deep into it I'll have to give the disclaimer that I amnot an accountant so make sure you consult with one if you are worried about this Right now the limit that can't be taxed is14000 And if they go over that I'm getting 14001Uncle Sam is knowing about that taking their cut what happens at that point Well it's supposed to be...