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Should I pay mortgage off?
Cashcade
Posts: 99 Forumite
The house is in my mothers name, but my mother doesn't work and so I more or less pay the mortgage and other house bills. However, my payments have gone up as have my other expenses.
I have got about 30K to clear, and i can raise the money by asking from my friends who said they will borrow it to me. I was just wondering if i pay the mortgage off, will i have any repercussions tax-wise? Can i expect the IRS to come knocking on my door or something?
What's the best way to deal with this?
I have got about 30K to clear, and i can raise the money by asking from my friends who said they will borrow it to me. I was just wondering if i pay the mortgage off, will i have any repercussions tax-wise? Can i expect the IRS to come knocking on my door or something?
What's the best way to deal with this?
0
Comments
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30k isn't much in mortgage terms, why don't you remortgage to a cheaper deal. I am curious as to know why on earth you would want to borrow this money from your friends. I can't see what business it is of the taxman if you pay the mortgage off, though there may be redemption charges on your mortgage.0
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