Estate Law Questions? Ask an Estate Lawyer.
Hello and thank you for contacting us. This is Dwayne B. and I’m an expert here and looking forward to assisting you today.
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Hi and welcome to JA. Ray here to help you today.
This would be a gift here.But the lifetime exemption for gifts to you is $5,450,000 here.So not taxes but if the payoff is over $14k it must be reported on her return.Again this is how IRA keeps track of the lifetime gift amount otherwise it is not taxable.
Form to report the gift here.There is no reason not to do this, she just reports the information on next years return using this form.I would encourage her to do so here and make you the gift.Not your sisters business.
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