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Benefactor paying off mortgage vs. giving money to us to pay it off.
Benefactor paying off mortgage vs. giving money to us to pay it off. Texas. Have about a 110k left on home mortgage. Father in Law recently liquidated some assets and has offered to take on the loan with no interest. Is there a difference between him paying off the loan directly from his bank vs him wiring us the money to pay off Chase? Does gift tax/exemption apply to both? In Texas. Mortgage is held by Chase.
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