Thread: paying off my parent's mortgage..help needed
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Old 08-21-2005, 11:09 AM
peachy peachy is offline
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Join Date: Oct 2004
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Default Re: paying off my parent\'s mortgage..help needed
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its currently at 50k left on their mortgage. Can i jsut write them a check for 50k or will this incur 'gift tax'? please help.

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i believe it would but ive been out of that part of the finances loop for about a year. Only 10k would go towards gift if i remember right...the rest is taxed...

there are other ways around it
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