If my name is solely on the title and loan to my home and my boyfriend has said he would like to pay off the loan as a gift for me, will I lose my home to him?
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If my name is solely on the title and loan to my home and my boyfriend has said he would like to pay off the loan as a gift for me, will I lose my home to him?
I don’t want to lose my home ownership-
Asked on November 26, 2012 under Real Estate Law, Colorado
Answers:
B.H.F., Member, Texas State Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
He can pay off the loan without you losing any ownership to him... however, to protect yourself, you may want to have him sign a document or affidavit that this is a gift so that there is no confusion later. Many people accept gifts, only to get sued later for failing to repay the loan. Getting things in writing reduces a ton of issues later.
Just as a side note, if the payoff amount is a considerable amount, you need to talk to an accountant or other tax professional before the end of the year. The IRS could consider this gift as taxable income and penalize you for not making a payment of that income prior to the end of the year.
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