Gift taxes

[cpwallacetaxes]

If both my husband and I are the Deed to our full time AZ home, but he is not on the Mortgage, if he pays it off is that considered a gift and would we need to pay taxes on the amount of the payoff. Seems ridiculous but I am getting conflicting information on Google.

Thank you

[tagteam]

See https://www.irs.gov/instructions/i709#en_US_2023_publink16784xd0e1553

[cpwallacetaxes]

 I can not read and understand what was sent.

A simple yes or no would be helpful. If he pays off bank mortgage in my name only although he is on deed, do we have taxes to pay on the amount?

too old to understand the long read sent.

[tagteam · Accepted solution]

---

@cpwallacetaxes wrote:

A simple yes or no would be helpful. If he pays off bank mortgage in my name only although he is on deed, do we have taxes to pay on the amount?

---

No.