<#-- Rebranding: Header Logo--> <#-- Rebranding: Footer Logo-->

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
Answers
Sort By:
Most Helpful
April 2018

Hello

    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
March 2018
March 2018
March 2018