Godlike Productions - Reply to Thread

Users Online Now: 2,152 (Who's On?)	Visitors Today: 1,578,080
Pageviews Today: 2,297,887	Threads Today: 620	Posts Today: 12,829
06:42 PM

REPLY TO THREAD

Subject Does anyone know how to give 50,000.00 to a friend without them having to pay a gift tax??

User Name

Font color: Font:

In accordance with industry accepted best practices we ask that users limit their copy / paste of copyrighted material to the relevant portions of the article you wish to discuss and no more than 50% of the source material, provide a link back to the original article and provide your original comments / criticism in your post with the article.

Original Message Hi folks... I have a friend I want to help out. He only owes 50k on his house and its on an adjustable Line of Credit.

My thoughts were to pay off that loan for him in exchange for a 50K lean against his property, which he would then make small payments to me at a very low interest rate.

My intent is to give this free and clear in some way, but in a legal manner where he wouldn't have to pay a tax on the money.

I'm wondering if I simply pay off the loan with the stipulation that I receive a payback when the house is sold in the future, if that would suffice in him 'trading' 50k in cash for me holding 50K against his property.

If there are other ways to do this in a legally then please offer your comments.

Thanks!

BTW, I would call my CPA about it but he charges 250.00 an hour and I don't really want to go that route right now if I can find some info here or elsewhere.

Pictures (click to insert)





\| Next Page >>