My mother wants to buy me a house in lieu of my inheritence when she passes away. I read that there is a 45 % gift tax but I read there was a form she could fill out having to do with unified tax against her estate...I think we are covered under that but need reassurance before I accept the offer on the house. 45 % is highway robbery!!!
Thanks!!!!
Asked on 9/28/09, 12:42 pm
1 Answer from Attorneys
James Swain
Swain Law Firm
She can gift up to $1,000,000 during her lifetime without there being any gift taxes. If there are any taxes she would have to pay them not the person receiving the gift.
Answered on 10/04/09, 5:57 pm
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