Declaration of Gift
What is this form?
The Declaration of Gift is a legal document used to formally transfer ownership of property from one individual (the donor) to another (the donee) without any expectation of payment or return. This form is essential for documenting the intent of the donor and helps to clarify the nature of the gift, distinguishing it from similar agreements such as sales contracts or lease agreements.
Main sections of this form
- Donor's Information: Identifies the individual giving the gift, including their full name and address.
- Donee's Information: Specifies the recipient of the gift, including their full name and address.
- Description of Property: Details the specific property being transferred, ensuring clear identification of the gift.
- Ownership Warranty: States that the donor is the sole owner of the property and confirms their intention to grant absolute ownership to the donee.
- Signature and Date: Requires the donor's signature and the date of the declaration to validate the document.
When this form is needed
This form should be used when an individual wishes to gift property to another person. Common scenarios include passing down family heirlooms, transferring ownership of real estate, or giving a vehicle to a friend or family member. It provides a clear legal basis for the transfer, preventing potential disputes regarding ownership in the future.
Who can use this document
- Individuals looking to make a gift of property to family or close friends.
- Property owners who want to clarify the transfer of ownership without a sale.
- Individuals seeking to document a gift for tax purposes or to comply with legal requirements.
How to prepare this document
- Identify the parties involved by filling in the names and addresses of both the donor and the donee.
- Specify the property being gifted by providing a detailed description to avoid any ambiguity.
- Include a statement of ownership, ensuring the donor verifies they are the sole owner of the property.
- Sign and date the form at the designated area to validate the declaration.
Is notarization required?
In most cases, this form does not require notarization. However, some jurisdictions or signing circumstances might. US Legal Forms offers online notarization powered by Notarize, accessible 24/7 for a quick, remote process.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Avoid these common issues
- Failing to provide a clear and detailed description of the property.
- Not including the full names and addresses of both the donor and the donee.
- Omitting the donor's signature or date, making the document invalid.
Benefits of using this form online
- Convenience of downloading the form whenever required, without needing to visit a lawyer.
- Editability allows users to fill in information at their own pace.
- Reliability of using a form drafted by licensed attorneys, ensuring legal soundness.
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FAQ
Filing Form 709 Generally, when a gift over $15,000 is made to one person, the donor is required to file a Form 709, United States Gift (and Generation-Skipping Tax) Tax Return. For 2018, the IRS increased the gift tax exclusion to $15,000.
The person who receives your gift does not have to report the gift to the IRS or pay gift or income tax on its value. You make a gift when you give property, including money, or the use or income from property, without expecting to receive something of equal value in return.
The donor's name, address, phone number, and their relationship to you. The amount of money they are giving you (exact dollar amount). The date of the gift / donation. A statement verifying that they do not expect repayment.
As it applies to your mortgage, a gift letter is a note from the donor that says you don't have to pay the money back. If you're using gift money as part or all of your down payment, you'll need the donor to write a gift letter to your mortgage company that makes it clear that the money is a gift and not a loan.
The parties declare the full name of the person giving and receiving the gift, their relationship to them and the purpose.The parties declare the gift amount and this should include all money being gifted toward the purchase including the gifted deposit and purchase costs.
The person who receives your gift does not have to report the gift to the IRS or pay gift or income tax on its value. You make a gift when you give property, including money, or the use or income from property, without expecting to receive something of equal value in return.
The donor's name, address and phone number. The donor's relationship to the client. The dollar amount of the gift. The date the funds were transferred. A statement from the donor that no repayment is expected. The donor's signature. The address of the property being purchased.
If you gave gifts to someone in 2020 totaling more than $15,000 (other than to your spouse), you probably must file Form 709. Certain gifts, called future interests, are not subject to the $15,000 annual exclusion and you must file Form 709 even if the gift was under $15,000.
Both the giver and the homebuyer must sign the letter, which doesn't have to be notarized. Conventional-loan requirements include extra steps If the down payment is made up of gift money and the borrower's own money.
