My wife had a mortgage on a home before we got married. Now that we are married, the only way to add me to the loan is to refinance. I've looked into doing so, but now is not the time.
I would like to put $30,000 dollars from my savings towards her mortgage to eliminate the PMI requirement, thus reducing the monthly payment.
1. Would doing so run afoul of the gift tax law?
2. Would doing so run afoul of any other tax laws?
3. How do I report this on my taxes?
4. Are there any other reporting requirements for this transaction?
Thanks!