California doesn't enforce a gift tax, but you may owe a federal one. Remember to consult with your lender, be transparent about the gift funds, and discuss any tax implications with the gift giver.Do I Need to File a Gift Tax Return? Learn about the answer to this important questions and when to file a return - San Jose Gift Tax Planning. A gift letter is a document stating that any money received from family or friends is a cash gift and not a loan. They insist on us signing a 'gift letter' to certify that the funds from my parents are not debt financing and that we will not owe interest payments to them. A gift letter is a document stating that any money received from family or friends is a cash gift and not a loan. 2024 Annual Gift and Estate Tax Exemption Adjustments - San Jose Estate Planning Lawyer. LendingTree does not include all lenders, savings products, or loan options available in the marketplace. How Does LendingTree Get Paid?