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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29580
Experience:  Taxes, Immigration, Labor Relations
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My mother owned 1/2 of my house. This year she gifted it to

Resolved Question:

My mother owned 1/2 of my house. This year she gifted it to me. It is approximately $180,000.00. She also gave me $50,000.00. I am not concerned about her taxes. Her lawyer and accountant takes care of that. Normally I file the EZ form. What tax Form should I use that will allow me to claim these gifts. I've been told I don't have to pay taxes on them but that I must claim or state that I have received them. I don't know where to do this. Can you help please?
Submitted: 5 years ago.
Category: Tax
Expert:  Lev replied 5 years ago.

Hi and welcome to Just Answer!

As long as gifts are not taxable - you do not need to claim them on your tax return.

You might only need to claim gifts from abroad.


As a recipient of a gift - you do not need to claim it as income. Regardless of the value. Please see for reference IRS publication 525 page 34 (left column)-

Gifts and inheritances. Generally, property you receive as a gift, bequest, or inheritance is not included in your income. However, if property you receive this way later produces income such as interest, dividends, or rents, that income is taxable to you. If property is given to a trust and the income from it is paid, credited, or distributed to you, that income is also taxable to you. If the gift, bequest, or inheritance is the income from the property, that income is taxable to you.



Let me know if you need any help.



Customer: replied 5 years ago.
So your are telling me that I do not have to notify the government in any way that I have received the property or the cash. I do understand that my mother has to file a "Gift" tax return. I've gone over her tax return and confirmed everything. From my side, I do nothing. Is this both State(MD) and Federal?
Expert:  Lev replied 5 years ago.

That is not correct - you would only report gifts from abroad.

Since these are not gifts from abroad and they are not taxable - no need to report these gifts to the IRS.

That is also true for your state - as long as you do not apply for any government assistance - no need to report gifts that you received.

Customer: replied 5 years ago.
Thanks for the assistance and the confirmation.
Expert:  Lev replied 5 years ago.

You are very welcome!

I am glad to be helpful.

Lev and 2 other Tax Specialists are ready to help you