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.The person gifting the vehicle must complete a sales tax exemption form (MVU-24). For you, there actually are no tax implications for receiving a gift. Gifts are not counted as income for the receiver. To substantiate cash gifts and dispel claims of trust or loans, a Monetary Gift Affidavit is invaluable. If you give people a lot of money or property, you might have to pay a federal gift tax. But most gifts are not subject to the gift tax.

Money Gift Letter For Tax Purposes In Massachusetts

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