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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16559
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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I have recently married. My wife and I are living in a house

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I have recently married. My wife and I are living in a house that she bought prior to our marriage. I am named as the beneficiary of the house in her will.

We are about to retire and I would like to pay off the mortgage with funds that I have.

Are there any tax consequences if I do this? Are there other things that I should consider before taking this step?

Thanks very much,

J Hamlin

Megan C :

Hi, my name is XXXXX XXXXX I will be happy to assist you today

Megan C :

There are absolutely no tax ramifications of paying off your wife's mortgage

Megan C :

Gifts can flow freely between spouses without any gift tax impact.

Customer:

that is good news.

Megan C :

So, from a tax perspective there's nothing to worry about :-)

Customer:

Excellent. From any other perspective is there anything I should consider?

Megan C :

I couldn't speak to any legal issues, if that's what you mean (not an attorney)

Customer:

Okay. Well this is a good start. thanks very much. Jeff

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