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    Mweg's Avatar
    Mweg Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 14, 2003, 10:29 AM
    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?
    BSN22's Avatar
    BSN22 Posts: 11, Reputation: 1
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    #2

    Jul 19, 2005, 06:56 PM
    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.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Jul 24, 2005, 10:08 AM
    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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