I understand that there are no income or gift taxes to be paid if she gifts me this apartment and sum of money. Medi-Cal Access Program.When someone offers to help you make a down payment on a house, your lender will require a gift letter for a mortgage. Here's what it includes. If you are planning on making or receiving a large financial gift, then gift letters are something you should be aware of. Here's what you need to know. Recipients of cash gifts aren't taxed on the gift. Hi, I'm new to this but need advice. My parents have given me and my brother a substantial cash gift. The Bronx Zoo has all your gift needs covered.