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Author: cernicky Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121106  
Subject: Employer Gift For Closing Costs Date: 7/16/2001 7:13 PM
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I have read on numerous sites that you can have a family member OR your employer gift you money for closing costs. (http://www.phfa.org/programs/hafer/index.htm is one of them)

Does anyone know the rules for having your employer do such a thing? For example, I have been told by the places that I have been applying for mortgages that they will require a gift letter specifying that the gift from the employer is "no strings attached" and that I do not have to pay it back. Essentially, it works like a bonus.

So with either the case of a family member or an employer, will I or they have to include that amount in federal, state, local taxes?

If the employer gift does not show up on a W2 or some other form at the end of the year, wouldn't that be the way to go? (provider you have an employer willing to help you out like this)

-Brandon
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