Gift Affidavit
A Gift Affidavit is a sworn statement validating that something of value was given to a person as a gift and that no money changed hands.
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Applicable to all 50 states
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Frequently Asked Questions
Generally speaking, Gift Affidavits are not required for donations, as the more applicable tool here is the gift receipt. Check with the organization if it can give you such a receipt, which most should be familiar with.
A court may demand to see a Gift Affidavit to prove that the donor voluntarily dispensed of the gift. In the event that a Gift Affidavit undeclares the value by a substantial amount, a court might hold the parties responsible for perjury and perhaps refer to the prosecutor for a fraud investigation.
When applying for a loan, you might be required to supply a Gift Affidavit such that the bank can be certain of your serviceability and your liabilities do not include the “alleged” donor.
After he or she signed the Gift Affidavit, the donor cannot go back and retrieve the sworn statement and therefore – no. Read the Gift Affidavit carefully and make sure that you understand the terms before you sign it.
Absolutely. With the transfer of ownership completed, a donee can do anything he or she wishes to do with the gift. They can keep and cherish the gift or sell or otherwise dispose of the gift in any fashion.
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