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Message
re: Will a bank allow you to pay off a loan you’re not party to?
Posted on 8/10/18 at 3:03 pm to hottub
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.
1
Posted on 8/10/18 at 4:00 pm to LSUFanHouston
Good call.... I was thinking more along the lines of mortgage deductions his mother may be using.
Also, if OP goes through with it, she may need some guidance on property taxes and homeowners. Not a show stopper but I am surprised how many people are unaware of how an escrow works.
Also, if OP goes through with it, she may need some guidance on property taxes and homeowners. Not a show stopper but I am surprised how many people are unaware of how an escrow works.
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