Finance
A Utah buyer who receives a gift from a family member to use as part of a down payment must:
AReturn the gift after closing
BDocument the gift with a gift letter confirming it is not a loan✓ Correct
CKeep it secret from the lender
DPay income taxes on the gift before using it
Explanation
Lenders require a gift letter from the donor confirming that the down payment funds are a genuine gift (not a loan to be repaid), as repayable down payment loans affect the borrower's DTI ratio.
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