davidfr
1172 Posts |
 Posted - 05/15/2008 : 05:45:32 AM
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| This is an accounting question, but does anyone know how a gift for downpayment gets reported for IRS purposes? I have a sister gifting her brother a large down payment to buy a house. They were angry when we asked for a gift letter and said they don't want the money to get taxed. Obviously not my problem, but they are asking if the lender reports this, or if it is their responsibility to report the gift. Does anyone have any knowledge of this? |
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