What is the best way of going about paying off a family member's mortgage without paying the additional 28% gift tax on my part or forcing them to claim it as additional wages on their part?

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Send 2 checks 1) Gift of $15k - tax free 2) Remainder of mortgage - they would have to claim it as a consulting fee on their W2s.

Might trigger audit?

Send 2 checks 1) Gift of $15k - tax free 2) Remainder of mortgage - they would have to claim it as a consulting fee on their W2s. Might trigger audit?

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[–] • 1 pt

I like this idea, will talk to my accontant Tuesday about doing exactly this.

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[–] • 1 pt

Goof luck. I know a few people that gifted houses to their children by co-signing loans and paying them, but I'm not sure how they get their name off the title without tax consequences.

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