If my 92 year old mother signs her house to my sister and I which is worth approximately $100,000. would she have to file taxes for giving us a gift over $13,000.00 in a year?
State/Country relating to question: Virginia
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She would have to file a Gift Tax return (Form 709) but she would not actually have to pay gift taxes as each individual can make aggregate lifetime gifts of up to $5.12 million (in 2012) in excess of the $13,000 annual exclusion limits before having to pay gift taxes.
EA, CEBS - 32 years experience providing financial advice