Deja_vu2000
Junior Member
What is the name of your state?Missouri
I own a home appraised at $140K and owe approx. $68K. If my parents "gift" me the money to pay off the mortgage-- what tax would be due? OR
Would it be better to QCD them on my title with me, and therefore when they pay off my mortgage--it's not a 'gift', but rather they bought an interest in my house?
My parents want to do something for me without any tax penalties. I suggested this because I do not pay enough interest currently to itemize on my tax return (on a 15 year note).
Thank you,
I own a home appraised at $140K and owe approx. $68K. If my parents "gift" me the money to pay off the mortgage-- what tax would be due? OR
Would it be better to QCD them on my title with me, and therefore when they pay off my mortgage--it's not a 'gift', but rather they bought an interest in my house?
My parents want to do something for me without any tax penalties. I suggested this because I do not pay enough interest currently to itemize on my tax return (on a 15 year note).
Thank you,