2007-03-09 03:06:10 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Just have him pay the money directly to the mortgage company. I think then it would be him spending his money and you wouldn't have to pay taxes.
2007-03-09 03:09:55 · answer #1 · answered by Kristine R 4 · 1⤊ 0⤋
Taxes --possibly! Any gift to you over 11k is taxed to you. Now with that having been said there is a way around this. Quit claim him on the property and then he can pay off the loan. Then he is also an owner at that time. Then later quit claim him off. Get a title company or lawyer in your town to do this for you.
2007-03-09 11:11:52 · answer #2 · answered by golferwhoworks 7 · 1⤊ 0⤋
Tell your son to keep his money...go out and get a job grandpa..
2007-03-09 11:10:48 · answer #3 · answered by photoguy1967 3 · 0⤊ 2⤋
I THINK THAT YOU MAY HAVE TO PAY GIFT TAX IF ANY THING
2007-03-09 11:09:06 · answer #4 · answered by M JOHNS 4 · 0⤊ 0⤋