In this discussion, Chris Galli, talks about changes in gift funds for 2023 and their impact on taxes and new rules. The IRS has increased the amount that a person can receive tax-free to $17,000, which is good news for homebuyers who can receive help to purchase a home. Gift funds are typically given by parents or grandparents for down payments or closing costs and can be given without expecting repayment. They can be used for conventional mortgages, USDA, FHA, and VA loans. There is also a lifetime exemption amount for gift giving that may change in the future, so it's a good time to start planning. Gift giving is tax-free and can be used to increase the money that can be given to the next generation. The discussion focuses on gift giving in relation to buying a house, but the gift can be used for other purposes as well. Also, tune in next week for more information on changes to the FHA loan program.

Check out our blog: https://www.mortgagedreams.com/blog/2023changestogiftfunds

"Mortgage Matters with Chris Galli" is a podcast that delves into all things real estate and mortgage related. Hosted by Chris Galli, a seasoned mortgage professional with years of experience in the industry, this podcast is a must-listen for anyone looking to learn about the ins and outs of the real estate and mortgage world. From buying your first home to refinancing your current mortgage, Chris covers it all, offering valuable insights and practical advice for listeners. Whether you're a seasoned real estate investor or a first-time homebuyer, you'll find something of value in this informative podcast. Tune in weekly to stay ahead of the game and win in the real estate market!