Forum Archive

Question to those who are familiar and Adam Dahil.
I am about to close on a condo in NJ. My uncle gave me two check made out to my bank as a transfer to cover the down payment. The money wasn’t a loan or a gift (which he would have to pay the tax on) but simply my money I had once gave him for investment purposes and to hold in his account. Now the bank tells me they need him to sign a gift letter but they won’t report him to IRS, the letter is only going to Fannie Mae and last time I checked this is a federal bank. What should I do to avoid this issue? They said they won’t close it if I don’t have the proof of where the money came from.