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Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 3294
Experience:  18+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
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A niece recently sold residential property willed to her by

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A niece recently sold residential property willed to her by her deceased brother. She has decided to split the proceed among several members of the family. What are the federal tax consequences of the $50,000.00 we are about to receive?

Welcome and thank you for giving me the opportunity to assist you with your tax question.


From the information you have given, there are no tax consequences to your husband or you. It is a gift from your niece to your husband/you.


Please let me know if you require further information or clarification. Thank you.


I did not see you coming into chat, so I switched to Q&A mode. At my end, it shows you are currently online. For tax purposes, the reporting of the gift to your husband falls on your niece. Please let me know if you are able to view my answer and if you would like any additional information.


Thank you.

Customer: replied 3 years ago.

My question was will my wife and I have to pay Federal income tax on this gift?

Customer: replied 3 years ago.

By tax consequences, I meant will my wife and I have to pay federal income tax on the gift.

I apologize if I was not clear in my answer to you. As I stated in my initial response, there are NO tax implications to you and/or your wife for this gift, so you will NOT have to pay federal income tax on the gift.


I would appreciate you reconsidering your poor rating of my answer.


Thank you.

Barbara and 2 other Tax Specialists are ready to help you

Again, at my end it shows you are offline.


Please confirm that you were able to view my response of 10:42 am. If not, please come back to me here.


Thank you.

Just a short note to thank you very much for changing your rating of my answer. It is most appreciated.


Again, I apologize if I was not clear in my initial response to you.


If you have any questions in the future, please feel free to put "for bkb1956 or Barb" in the subject line, and I will be happy to assist you.


Thanks again, and have a great day!