[header] How to pay off someone else's mortgage [title] Familiarize yourself with gift tax law. [step] Any method of paying for someone else's mortgage would qualify as a gift. In the united states, if you give someone a certain amount of money without receiving a service in return, you become liable for the gift tax.
[header] How to pay off someone else's mortgage [title] Familiarize yourself with gift tax law. [step] Any method of paying for someone else's mortgage would qualify as a gift. In the united states, if you give someone a certain amount of money without receiving a service in return, you become liable for the gift tax.
[substeps] Gifts are intended to be marked down as property and must still earn a certain amount of interest. Unused gift tax applies to people receiving gifts in other states. However, any other type of gift is eligible, such as an apartment, money from a cruise ship, or small vacation package. [substeps] To find out more about gift tax law, check for a link to your state's website. The gift tax is the u.s. government's way of preventing people from avoiding income taxes by giving away all of their money. You also are liable for a loan if the other person owes you money beyond your home equity. [substeps] Gift taxes only apply to certain types of loans.