If I pay off my aunt's home loan as a gift to her, what taxes do I have to pay?

Answer by  afoschin (23)

That depends on the balance of the mortgage, how you pay it off (to the bank, or to her), and how much you have 'gifted' in your lifetime. There is a $1M lifetime exemption of gift tax, though >$13k/yr is reported on IRS Form 709.

Answer by  gianni9438 (18)

You would have to pay taxes that she has missed out on in order to satisfy her financial problems that she owes.