What to Know Before Gifting a Down Payment

Before giving money for a down payment, consider the tax implications and paperwork requirements.

Before giving money for a down payment, consider the tax implications and paperwork requirements
By SHARE

Before gifting money for a down payment, it's a good idea to consult a certified public accountant to discuss how this might impact your taxes and other aspects of your finances. The homebuyer should also find out if the lender requires a certain amount of the down payment to come from the buyer and ask about documentation requirements.