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This money is a gift and is NOT taxed
You will not be taxed on this...you don't even put the transfer on your tax return
However, your mother will need to fill out a gift tax return and report the gift, as it is over the annual $14,000 limit. However, she will not have to pay a gift tax unless she has gifted over $5 million during her lifetime
So, it sounds like this will be a totally tax free scenario.
The transfer can happen at any time, so feel free to transfer all the money now.
So, you have good news today - no taxes :-)
thank you so much, big relief to me. was scared i would get hit for 10% on my next return
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