- Jurisdiction
- Florida
I signed a gift letter for my son who was buying a house. There were no repayment requirements. I know I legally declared this money was a gift and it required no repayment but what if he wants to pay it back? Is there a time limit where beyond which he could legally gift me money back. Also, my son was the only name on his mortgage. His wife's name is not on the mortgage nor did they show any income from his wife on the mortgage application. Also, my wife's name does not appear on the gift letter. The gift was only from me and given only to my son. Is it ok for my son's wife to gift the money back to me? Could my son or his wife gift the money back to my wife? I do not want to commit mortgage fraud and realize the line may be very fine. However, I would think that after giving a child a monetary gift it would not preclude that same child from ever giving a monetary gift to the parent. Also, if the gift is solely between father and son I would think that wouldn't preclude gifts between their wives. Thank you for your time. I am looking forward to hearing the legal answers to my questions.