Julia RoussinovaImmigration Attorney
You cannot use a forgivable loan. Loan proceeds must be secured by your personal assets. They have to be appraised to obtain fair market value. Under pending legislation, there are stricter requirements for a loan to be from an accredited lending institution. A gift may qualify, but has to be properly documented and a donor (person making a gift) has to demonstrate the lawful source of the gifted funds and, if they are a U.S. person, file a federal gift tax return with the IRS (Form 709).