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re: Will a bank allow you to pay off a loan you’re not party to?
Posted on 8/10/18 at 2:38 pm to PenguinNinja
Posted on 8/10/18 at 2:38 pm to PenguinNinja
Ask an accountant before doing this. You may be creating a tax issue for your mom.
2
Posted on 8/10/18 at 3:01 pm to hottub
quote:I agree he should talk to a tax expert before he does it.
Ask an accountant before doing this. You may be creating a tax issue for your mom.
But if he "gifts" his mom money to pay off a loan, if the amount of the gift is over the annual exclusion amount ($14,000 the last I looked) it's the giver who has to pay the gift tax, not the receiver of the gift.
Posted on 8/10/18 at 3:03 pm to hottub
quote:
Ask an accountant before doing this. You may be creating a tax issue for your mom.
If it's a personal residence this is unlikely to be an issue. It would likely create a gift tax return for the donor.
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