The IRS taxes gifts made over a certain dollar amount. A gift letter must contain the donor's name, the gift's value, confirmation that the gift is not to be repaid, and the donor's signature.One, a gift is not taxable for the donor or donee unless it exceeds lifetime gift tax exclusion during their lifetime. The form and instructions are available on IRS.gov. A gift letter for a mortgage shows your lender that you don't need to repay gift money toward your down payment. Many different kinds of organizations are exempt from paying sales tax on their purchases or may qualify for sales tax exemption in New York State. A gift letter is a note from a donor to your lender regarding cash funds for your mortgage down payment. Enroll in a physical fitness or cultural arts class or take a daily walk on the trails at Norman J. Levy Park and Preserve in Merrick. To avoid penalties, make sure you pay within 30 days. Payment Option, Payment Method, Service Fee.