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Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
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Experience:  Enrolled to Represent Taxpayers Before The IRS
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My mom sold her house in Nov 2008. My mom decided that she

Customer Question

My mom sold her house in Nov 2008. My mom decided that she wanted to gift some of the money from it with my brother and myself. My brother and I both got $12,000 in Dec 2008 and another $12,000 each in 2009. My question is how do we do this tax wise. Does my mom have to file because of selling the house and pay taxes on what she sold it for, she only gets social security and hasn't had to file for years. And do my brother and I have to pay taxes on the money we each got?
Submitted: 5 years ago.
Category: Tax
Expert:  Marvin,EA replied 5 years ago.

Hello and thanks you for using Just Answer. A taxpayer can give $12,000 (for 2008, $13,000 for 2009) to any number of recipients in a calendar year without paying federal estate and gift tax. Gifts that qualify for this annual exclusion are never taxed-no gift tax is owed when the gift is made, and the gift is not taxed at death.

 

If you mother used the home as a principal residence for at least two out of the five years prior to the sale she can exclude up to $250,000 of gain from the sale of the residence.

Customer: replied 5 years ago.
So does she have to do any tax forms for the sale of the house or the gifting or do we? It was hr home she moved into a mobile home with part of the money and the rest went into cds. It was a little over $100,000 she got for her home. Do we have to declare it on our taxes as income?
Expert:  Marvin,EA replied 5 years ago.
If the amount your mother received from the sale of the home was $100,000 no federal income tax is due on the gain. The money you and your brother received from your mother was a gift to you. Only the donor must report gifts on their tax return and only if the gifts are over $12,000 ($13,000 in 2009) to a single person each year. You and your brother do not have to declare the cash gifts on your federal or state tax returns.
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1663
Experience: Enrolled to Represent Taxpayers Before The IRS
Marvin,EA and 11 other Tax Specialists are ready to help you
Customer: replied 5 years ago.
did you get your payment as I clicked accept
Expert:  Marvin,EA replied 5 years ago.
Yes. Thanks you for using Just Answer.
Customer: replied 5 years ago.
I added $5 tip/bonus hopefully you got that also. Thank you.
Expert:  Marvin,EA replied 5 years ago.
Thank you.

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