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Buying a home with 100% cash - gift from foreign relative?

I am interested in purchasing a HUD foreclosure with 100% cash.  The sitaution is the cash will be a gift that will be wired to me from a foreign relative.  So I am assuming since they are not a USA citizen there will be no tax implications.

Do I still need a notarized gift letter since there is no mortgage involved? Are there any other documentation requirements for this?
  • April 04 2012 - US
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Answers (1)

You need to talk with a tax guy. There is gift tax for you, but I can't remember the amount! Usually the bank wants to see a statement that proves you have the funds to close. A verification of deposit letter works too. Your broker can walk you through that part. Definitely get with a CPA.
  • April 04 2012
  • 1Yes

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