Hi,

My brother and I have a property under contract and both of our names will be on the deed as joint tenants with rights of survivorship. Each of us will be providing half of the down payment. However, the loan will be only in my brother's name.

Are there any rules that say that the full down payment amount should come from one bank account or can it come from multiple accounts (one from each of us)?

It was suggested to us that I give my portion of the down payment as a gift to my brother and that he wires the full amount into the escrow account, however, when I was researching online I noticed that there's a $15k
cap for tax-free gifts and also IRS.gov website says:
What is considered a gift?
Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return.

Does this mean that if I gift my share of the down payment, my name cannot be on the deed of the property?

The property under contract is in Charlotte, NC just in case there are any local experts.

Cheers,
Mack