Legal Question in Real Estate Law in Florida
If a family member pays off my mortgage does my family member have any tax liability or do i have any tax liability with the pay off?
Asked on 10/18/11, 5:59 pm
1 Answer from Attorneys
Presuming that it is a gift, then depending upon how much it is, it is possible that a gift tax return is required by the donor. Though possible, I would doubt that a gift tax is due unless we are talking about a lot of money.
Answered on 10/18/11, 6:33 pm
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