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Will the money from the sale of my mother's home be considered an estate gift, even though she is still alive, since I am the recipient in her will?

I am the recipient of my mother’s cabin in her will. She just sold the cabin, and she intends to give the amount ($227,000) to me while she is still alive. Will this be considered an estate gift, even though my mother is still alive? Will I be responsible for taxes on the amount? 

Estate Planning, Taxes
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April 2018


    Since she sold it, the amount she gifts you could be taxable to her. On the federal level, she has $1 million in gifting in her lifetime. This will use part of that exemption. Depending on the state, she my owe taxes.

Kimberly J. Howard, CFP

March 2018
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March 2018