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-   -   Cash down on a house (https://www.askmehelpdesk.com/showthread.php?t=5499)

  • Feb 14, 2003, 10:29 AM
    Mweg
    Cash down on a house
    Can you put $50,000 cash down on a house and simply say that the money "was a gift"? Will you need proof of this? If so, what kind of proof?
  • Jul 19, 2005, 06:56 PM
    BSN22
    Evidence of Gift
    I put only 6,000 down and had to show proof that this was a gift. My proof was in the form of a notarized letter from the person who gave the gift.
  • Jul 24, 2005, 10:08 AM
    AtlantaTaxExpert
    Mweg:

    BSN22 is correct. Mortgage companies do not want to have you owe anyone else on your house "off the books". Expect any amount of $5,000 to be scrutinized thoroughly.

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