I am listed as a joint account holder on a savings account with my elderly mother. The balance in the account came from the sale of her home approx 1 year ago. She has told me I can use money from the account towards the downpayment of my first time home purchase. Can I just transfer that money into my other account or would that be considered a gift that would require a gift note from her for the mortgage lender and require her to file a Gift Tax Return form 709?
