I'm reading about gift taxes. Sounds like the amount for 2018 is $15K.
But here's my question. My mother is selling her home (a small amount of like $70k). She has already moved in with me. Can she gift me the $70K tax free? She's 86 and in pretty good shape. I figure she will be driving 2 more years and as long as Alzheimers doesn't appear she'll be OK with me in my home. I'm essentially hoping to shelter that money should she go to a nursing home. My understanding is that she needs to be with me for 5 years in order to prevent the gift from being returned. Don't worry. The money is going in to the bank and I am going to ignore it completely.
But then I read about some sort of estate gifting that is free into the millions. It's a one time thing though. Can my mom gift me the whole $70K with no tax consequence? Any paper work I need to know about or do I just tell my tax specialist when filing taxes?
Thank You!
Submitted August 24, 2018 at 10:30AM by kfh227 https://ift.tt/2Ln7LvI
