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Submitted By: Charles
Answered: June 8, 2015 8:10 am
Answered: June 8, 2015 8:10 am
What tax liability results if I pay off my son’s mortgage?
You have no income tax liability, but depending upon the size of the remaining balance you may face federal gift tax issues. Your son has no tax liability; your generosity in paying off his mortgage is a gift to him.
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Tax Glossary
Disaster losses
Casualty losses such as from a storm, in areas declared by the President to warrant federal assistance. An election may be made to deduct the loss in the year before the loss or the year of the loss.
