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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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[–] • 4 pts

To add to what Fumduck said-

If the family “member” is actually a couple and if you are a couple you can each gift to each of them the $15,000 annually.

But also Before you embark on this path study very hard the social/psychological impacts to your relationships. Many times adult dependents become very distraught with their benefactors. And what happens if you pay off their indebtedness and then they go out and buy a new car (for example?). Will you or your spouse then feel betrayed? What is they then get a reverse mortgage on their house? Or refinance the house and take out cash and in turn give that to someone else for say a down payment on a car or house; how will you feel then?

[–] • 0 pt

This is good advice. Most people who have debt will take on more after a windfall because their debt isn't caused by poverty, it's caused by overspending.