Money gift from family abroad

[Account Closed]

Hi,
I'm receiving a small money gift form my family abroad and since I'm an property investor I was thinking of using that money towards another investment property. Is there any problems that I will run into with the lender, IRS etc?

[Paul Crosby II]

Hi John.

It really depends on how recently you received the gift.

Typically lenders request bank statements for the past two months. Anything received before that period is already part of your bank balance so they usually dont get digging beyond that.

I work with a company that allows gift funds for DSCR loans however whether that is allowed or not varies with each lender. IRS guidelines would require you to seek out a tax professional but i believe you are taxed on gifts above $14k.