My mom is selling her house and wants to give me the money from it. I know you can only gift 14,000 to a person per year in Illinois without being taxed. Can she also give me husband a gift of 14,000? Is that fraud or anything?
Asked on 9/08/15, 8:30 am
1 Answer from Attorneys
Virginia Prihoda
Law Offices of Virginia Prihoda
Your mother can gift $14,000 to as many persons as she wishes and the amounts will not be counted against her gift tax exemption so long as the gifts are made to separate individuals. By definition the first $14,000 is not counted as a potentially taxable gift. Any gift to an individual donee exceeding $14,000 may require the filing of a gift tax return, but will probably not result in an actual tax liability unless your mother's gift transfers will exceed over $5 million.
Answered on 9/08/15, 9:01 am
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