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Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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To:, Lawyer - Friend want's to help daughter by paying off

Customer Question

To: ***** - Friend want's to help daughter by paying off her mortgage but want's
to be a mortagee to her for lower interest.
From the mortgage that he will hold can he in turn gift on paper the $15k allowable by irs to his grand children, who are daughters children? Mortgage will be approx 200K. Daughter will pay him monthly mortgage payments. What kind of record need to be kept.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Richard replied 1 year ago.

Hi there. Just to be sure I understand, does the friend want to personally refinance the existing mortgage to a lower rate and then forgive the annual exclusion amount each year?