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My mother is receiving a $100,000 from the sale of a house…

My mother is receiving...

My mother is receiving a $100,000 from the sale of a house that is in my sisters name. Does she need to pay taxes on this money if she puts it into something other than a bank account and how does this affect her public aid

Accountant's Assistant: Estate laws vary by state. What state are you in?

Illinois

Accountant's Assistant: What documents or supporting evidence do you have?

Nothing is in my mothers name other than the check that she will receive from the title company. My mother gave this money to my sister years ago to purchase the home but my sister did not out my mothers name on the house. So basically she is returning my mothers money to her

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Answered in 31 minutes by:
3/14/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,610
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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If your sister is selling the property and giving the money to your mother then your mother is not required to report the sale and is not taxed on the amount given to her.

It is unclear as to why the title company is issuing the check to your mother. They generally pay that to the seller. Your sister is still living correct?

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Customer reply replied 1 month ago
I just assumed that the money would be coming from the title company as she is giving it to her the day of the closing.
How will this money affect her public aid?

The $100k is not taxable to your mother and she is not required to report the amount. As far as public aid, that is not a tax issue. I cannot advise about any other items except tax, which I have.

Please let me know if you need more information about tax.
If not then please scroll up to see the STARS to rate so I am credited.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,610
Experience: 15years with H & R Block. Divisional leader, Instructor
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Robin D. and 87 other Tax Specialists are ready to help you
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Customer reply replied 1 month ago
Thank you so much for all your help!

You are most welcome

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