A gift letter is a piece of legal, written correspondence explicitly stating that money received isn't expected to be repaid. A gift letter is an important, formal, legal piece of documentation that can help explain that a (usually rather large) sum of money was gifted to you.For you, there actually are no tax implications for receiving a gift. Gifts are not counted as income for the receiver. Mailing a gift of cash - You can send us a check or money order. The person gifting the vehicle must complete a sales tax exemption form (MVU-24). You can use gifted funds to make a down payment, but your mortgage lender will want to know some details before they allow you to use it. You'll have to report any gifts you give above that amount to the IRS on your tax return (using Form 709). But everything CAN'T be OK. For this reason, we are gifting a sum of money anonymously. For tax purposes, the gift amount is the item's "fair market value" at the time of the gift.