<prompt> Human: I was thinking about putting it in a money market account but Im not sure if I can open one in theyre name or gift an account or something like that. So far theyve paid me 2,800. Thanks in advance! This is really important to meEdit: oooh my goodness. Thanks for all the love reddit!Assistant: I cant give you any advice on how to store or invest the payments, but make sure you give it to them months before they go to buy the house. The lender will take bank statements from the last few months and if there are sudden transactions they require you to explain where it came from.My dad had given me a few grand for my birthday a few weeks before we got our house and I had to provide a ton of excessive documentation proving I obtained it by legal means. Copy of the check front and back, explanation letter which had to be signednotarized by numerous people, my dad had to fill out a bunch of paperwork with his information, etc. There was also a chance we could have been rejected because of suspicious deposits. Obviously each company is different, but that was my experience.The same thing happened with a gift trust I cashed out. It was a little easier to justify that sudden burst of cash flow because it came from large company but I wish I would have withdrawn it sooner so it didnt appear on the statement. More paperwork and explanation letters on top of all the other BS I had to handle.Human: That is some super solid advice! Thank you! You have probably just saved my family a ton of unnecessary stress.Assistant: I think its actually easier if you dont give it to them, but apply it towards their down payment. Then I think its only one form you have to sign saying it is a gift and you arent expecting to be repaid.Human: I didnt know I could do that :0Assistant: You can gift up to 14k to any person tax-free, annually. So theoretically you could gift each of them 14k separately. There is a 5 million lifetime limit thoughHuman: I aspire to one day have the money to be capable of reaching that limit  <response>: d for my birthday a few weeks before we got our house and I had to provide a ton of excessive documentation proving I obtained it by legal means. Copy of the check front and back, explanation letter which had to be signednotarized by numerous people, my dad had to fill out a bunch of papeI will add on to this that if you do give them a gift of equity make sure they have at least their own 537; to put down or are at 2037; equity. Gifts of equity can cause issue with obtaining Private Mortgage Insurance. 