Source of Funds
There seems to be a confusion on who is eligible to give a gift for the purposes of source of funds. Does the giver of the gift have to be a parent? Who are eligible parties who can give the gift?
Answers
In general anyone could make a gift. That said, there has to be a justifiable reason for the gift. Parents, close family members, current or previous employers are natural persons to make a gift. That said, the source of funds due diligence in the case of a gift is shifted to the donor, the giver of the gift. In other words, while the recipient of the gift is exempted from the source of funds requirement, the burden of proof shifts to the donor, the giver of the gift.
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