How does a gift letter work? And will I need to pay it back?
If I buy a house for $100,000 and my uncle is willing to give $2,000 gift money to closing costs for me. It is my first time buyer, after closing, I could file an amended 2008 return, and get up to $8,000.00 back, When I get up to 8,000 back I will give my uncle what I owe him back. Will he get in trouble? by mapc4p from , . Aug 12th 2009
Debra Clark (Debra Clark)
#146 ranked lender in California - 42 contributions
I agree, the whole purpose of the $8K stimulus money is for you to somehow buy that home and help take new and old homes off the market so you can certainly do whatever you want with your rebate (including paying back your kind uncle). Please let me know if you would like us to help you on that front.
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