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I have a line of credit for $20,000 that is outstanding on my house. My friend just inherited money and wants to pay this for me. Can he legally do this either online or by his check and are there any tax consequences?

by stevemia from Tampa, Florida. Dec 15th 2010 Reply

Dan Paladin (dpaladin)
#1 ranked lender in California - 694 contributions

First do consult your CPA or tax advisor...your friend can pay your line if desired. The online access would be with your log in info....or a check can be mailed. Again the tax question needs to be addressed with your tax professional. Merry Christmas...great gift!!

Dec 15th 2010
Rick Pelleriti (RickPelleriti)
#366 ranked lender in California - 59 contributions

It is always a good idea to check with your tax professional to make sure there are no tax consequences from the "gift." Yes, certainly anyone can make that payment for you.

Dec 22nd 2010
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