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How to send $73,000 back to a family member the right way?
a couple years ago, i made a direct payment to my parents mortgage for 73,000 to pay the house off. so the money went straight from my checking account to their mortgage account. So no loans of any kind were involved.
they are in a better situation now and want to give that money back to me. No interest or anything will be paid back to me of course. they just want to send that exact amount back to me but are unsure how to without it complicating tax issues or the IRS thinking its some kind of gift and have to pay taxes on it. the $73k that i paid to them was already taxed as it was part of my existings savings. do they just simply wire me the whole amount or write a check, or is there more to it than that to simply give back what was already mine to begin with.