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Sandi Hargrove, SkyHawks
Sandi Hargrove, SkyHawks, Master Tax Advisor, Enrolled Agent
Category: Tax
Satisfied Customers: 1257
Experience:  I am a Master Tax Advisor and Enrolled Agent. I have 40 years experience. Trucking specialist.
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Our mother is elderly, she would like to sell her home and

Resolved Question:

Our mother is elderly, she would like to sell her home and give the money to her three sons. Would the sons pay taxes on this money?
Submitted: 7 years ago.
Category: Tax
Expert:  Sandi Hargrove, SkyHawks replied 7 years ago.
<p>The mother must make the sale and accept the funds first. She can then gift the money to her 3 sons. The sons would not be taxed.</p><p> </p><p>The mother (if this was her primary residence for 2 years out of the last 5 years) should be eligible to exclude up to 250000 of capital gain. </p><p> </p><p>The mother may need to file a gift tax return if total gifts to any person during a tax year is more than 13000. She may wish to gift part of the funds in 2009 but transfer more in 2010.</p>
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