Pay off mortgage $375k leftHi there Im hoping to get some real and confirmed info on how to do this legally? I got $375k left mortgage left with Bank of America. I got rich relatives who can help me pay if off or at least pay like 150k next year and another 150k 2015 and the rest in 2016. How can they do this for me? My first thought would be this - have them write a check directly to Bank of America with my mortgage account # and the home address on the check. Say here you go Bank of America 150k. I think this is probably the best because it doesn't even go through me. However, I just don't know if there is any limit on how much can a relative pay for your mortgage each year. They don't mind paying 200k. And how will I file tax for that? Or I don't even need to file any tax for it? And will this affect my relative. Do they need to file tax for it? I'm sure a lot of people know this method. Each person can donate $14000 to me each year and those are tax free gift. But thats the max they can donate each year. So I guess I can have like 10 relative and friends donate $14000 to me and Ill pay Bank of America immediately after I got it. Or I can just have them write a check to Bank of America directly just like the above method. This method is for sure works and its tax free for both of the gifter and me. I also heard that there is no limit for how much I can receive each. However, there is a form I need to fill out if its over 100k per year but it will still be tax free. December 29 2013 - San Francisco00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.