Someone Paying Off My Mortgage? - Posted by Nimesh Patel

Posted by Nimesh Patel on March 15, 2006 at 11:52:21:

Hi everyone:

I was wondering, can someone in here please explain the tax and legal implications of someone else paying off my 140K mortgage balance? A family member is very well off financially and he wants to pay off my mortgage balance of 140K. I consulted several C.P.A.'s, several tax advisors, and two lawyers and all of them had different answers! What will the I.R.S. think of someone else paying off my mortgage? Thanks for your help.