I live in the US. My parents want to give me a gift in cash of $1,000 USD, which I will deposit to my savings account. I want to make sure we have documentation that this cash deposit was a gift and not a loan. I have seen a lot of talk about "gift deeds" in these forums, but these are very uncommon in the US unless a real estate property is involved. So, I wanted to ask - what kind of document do I need to prepare and get signed by my parents, given that we are in the US? And should we get it notarized?
Thanks in advance!
Thanks in advance!