Gift Tax
My mother just recently sold her house and received a $28,000 check. She wants to give the check to me as a gift. Will I be taxed at the end of the year by the IRS and if so, how much? Any how can I NOT be taxed for this check?
1 Answer from Attorneys
Re: Gift Tax
Your mother should first consider whether or not she has a taxable gain on the sale of her house before she gives you anything. If she does not, there are a couple of ways this can be approached, the easiest is for your mother to give you $12,000 (the current annual exclusion) per year until she has given you the full $28,000. The second is to give you the full $28,000 at one time and file a gift tax return (there would be no taxes due). You would owe NO tax on the receipt of the gift under any of the above circumstances.
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