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Hello and thank you for using Just Answer,You may make a gift of money to your mother-in-law and would not be required to report the gift as long as you did not give her more than $14,000.
You and your spouse may give her $14,000 each (total $28,000) before you would need to report the gift.
The $14,000 is the limit anyone may gift in one year without being required to report the gift. As your mother-in-law gifted the property to you then she would need to report that as well if the value was more than the limit.
I had been told in the past she could give us a one time gift for the full value of the house as long as it was not above current market value.