‘I'd prefer the money never hits our account’: My in-laws live with my wife and me. They want to use their 401(k) to pay off our mortgage. What should we do?

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‘I'd prefer the money never hits our account’: My in-laws live with my wife and me. They want to use their 401(k) to pay off our mortgage. What should we do?
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My in-laws want to pay for part of our mortgage with their 401(k). Would we have to pay taxes on that? The Moneyist weighs in:

I’m in an interesting position that I need some help with. My in-laws live with my wife and me, and have done so for some time. We initially moved in with them so I could finish my degree , and the arrangement worked for us.

They also contributed the down payment of our first home, and have always been very generous to us. Recently, they met with their financial adviser regarding their 401, and they are soon able to start getting payments from it.Unbeknownst to us, they wanted to use that money to pay off our mortgage. Happy days for us, except we are at a loss for how to actually do it. They want to transfer an amount equal to our payment every month so we can pay down the principal.

Am I being ungrateful? How should we handle this? I feel super lucky to be in this situation, but it’s already causing stress in the household and we need to figure it out sooner rather than later.You’re not being ungrateful. You’re being careful. That’s OK. There’s no reason why it should cause stress. Your in-laws want to give you money toward your mortgage without any punitive tax consequences, and there is a simple way of doing it.

“When you take out a mortgage, the bank requires proof of income, but it’s up to you to decide how the installments are paid.” Additionally, some tax experts say this is probably a good time for elderly members of your family to make gifts, given the lower value of certain assets like businesses and/or potential increases in capital-gains taxes by the Biden administration.

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