I'm Sorry for asking a duplicate question. I know this kind of issue was mentioned many times in this subreddit, but even after reading a number of them I'm still not sure how I can reflect those cases to mine. I guess I have comprehension of an elementary school kid...
So here's the situation:
I currently have about $100k mortgage left for my house. My parents recently retired, and sold off their grocery. They don't want to put the money into banks because that's pretty much meaningless, so instead they decided to help me to pay off all my mortgage. In return, they suggested me to give them $500 each month as "allowance", since they recently retired.
In this case, what would be the best option? 1. Have them write a check to me, put the check into my checking account, and then pay off the mortgage, or 2. Have them directly pay the mortgage, or 3. Another option that is simpler and legal?
I've searched online regarding this issue, but I've seen people saying about all sorts of things from "no problem", "gotta pay gift tax", to "that's illegal". I don't want to put my parents in any external financial burdens...
Submitted June 26, 2017 at 05:15PM by zigolleid http://ift.tt/2tdWmZU
