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I'm giving inlaws a check (cashing savings bonds) to help…

I'm giving inlaws a check...
I'm giving inlaws a check (cashing savings bonds) to help towards a downpayment on a house they are financing (we did not qualify for the mortgage). I want to protect my deposit as they refuse to put us on the deed. What letter (receipt) should I compose to have them sign when I give them a bank check for 28K. What should I include. Thanks!
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Answered in 1 hour by:
5/11/2018
Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 48,881
Experience: Texas Attorney for 30 years dealing in real estate
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.

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Here how about a promissory note..

https://eforms.com/promissory-note/ma/massachusetts-unsecured-promissory-note-template/

I appreciate the chance to help you today.Thanks

If you can positive rate 5 stars it is much appreciated.

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Customer reply replied 3 months ago
I’m not loaning them the money. I’m giving it to them. I just legal acknowledgment of receipt if I need it for tax purposes. The link you sent is for a loan.

So here if it was a gift you report it here if it was over $10k

Forms to do that

Form 8971 Instructions (PDF). This item is used to assist in filing Form 8971. Form 709 (PDF). Form 709 is used to report transfers subject to the Federal gift and certain generation-skipping transfer (GST) taxes, and to figure the tax, if any, due on those transfers.Mar 2, 2018

Forms and Publications Estate and Gift Tax | Internal Revenue Service

https://www.irs.gov/businesses/small...self.../forms-and-publications-estate-and-gift-tax

It is not taxable it just is for informational purposes to calculate the $5,490,000 lifetime limits for this person..

Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 48,881
Experience: Texas Attorney for 30 years dealing in real estate
Verified
Ray and 87 other Real Estate Law Specialists are ready to help you
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Customer reply replied 3 months ago
too confusing and does not seem to apply
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Ray
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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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