if someone pays my mortgage off in full...and then i pay them in another country
 

will i get hosed on taxes?

like when they give me the money?

i know i know i will ask my tax guy...but i am not home yet

$10,000 per year from one person is the max before US gift tax hits. However, let's say your parents each wanted to give you 10 grand, no problem. If they wanted to give you and your wife 10 grand each, total of 40 grand no problem. Still, see a tax guy.

Whatever happens, consult a tax guy. He'll do the math for you.

Whatever happens, consult a tax guy. He'll do the math for you.

:thumbsup :thumbsup :thumbsup

Sorry about that, folks. I accidentally clicked 'post reply' twice.

brad let me know, my dad is a tax auditor for rev canada, i can ask him

I have that same worry sometimes. I get wires of 5k to 10k at a time from overseas relatives but usually less than 20k per year total. Hasnt bit me in the ass yet though.

dont you guys have that you can only be taxed once rule? cause we have that in the EU, would mean if you pay them in a less high % tax country you wouldnt be taxed.

then again theres this global taxation the US has right.

Id certainly consult yeah