What will be the tax ramifications for my brother in law if he is directly wiring the 150,000 to my escrow when I purchase a 300,000 home (the funds will be sourced)? I will be mortgaging the 150,000. What, if any are my tax ramifications? Do we both just file a form with our taxes that he paid a gift and I received one? He has not gifted 1,000,000 in his lifetime. Thank you.