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10-04-2008, 03:55 PM
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If someone else pays off my mortgage, will...
...I be taxed on that money? If someone else pays off my mortgage, will I (or they) be taxed on that money? I owe approximately $98,000 on the mortgage.
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10-04-2008, 05:40 PM
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I wish I had somebody that would fork over 98 grand lol. If the money is paid to the mortgage holder by that someone else, that $98K has already been taxed as income. You do not need to pay taxes on someone else's money. If that money is as a gift to you, then you might want to consult a tax attorney -- I believe there is one-time gift exemption in the tax code.
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