Gift tax? ...or any other tax?

[stilllearning]

What is the name of your state? Michigan

My aunt who is currently 92 and being cared for by my wife and me at our home has some money in her savings account and would like to pay off our home mortgage, ...would we be liable for any gift tax or any other tax if she did this? ...And would it make a difference if she did this with her check or just gave us the funds? ...thanks much.

 

[LdiJ]

What is the name of your state? Michigan

My aunt who is currently 92 and being cared for by my wife and me at our home has some money in her savings account and would like to pay off our home mortgage, ...would we be liable for any gift tax or any other tax if she did this? ...And would it make a difference if she did this with her check or just gave us the funds? ...thanks much.

You would not be liable for any gift taxes. Depending on how much money is involved your aunt may have to file a gift tax return, but wouldn't necessarily be liable for any actual tax. She can gift up to 11k to each of you (you and your wife) each year without having to file a gift tax return.