Legal Question in Wills and Trusts in Georgia

My wifes father died a little more than 2 years ago and in his will he gave her brother 2 years to either sell the home in which he was living with his father at the time or buy his sister out . The time has now come and he has decided to buy her out we have agreed on price and now he is going to send her half the money and pay the rest at 10 to 15 thousand dollar installments once a year, till it is paid about 5 years. Will my wife have to pay any taxes. When they went to send the money her lawyer said that since my wife moved to another state she would have to pay taxes on the money since sounds crazy is this possible. The home is in NY and my wife is in Georgia.

Asked on 4/12/10, 10:42 am

Scott Riddle Law Office of Scott B. Riddle, LLC

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This is a question for a CPA.

Answered on 4/18/10, 1:12 pm

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