My grandma passed away, and my mom was the only heir. She wants to put the money from the sale of the house in a joint account in case of emergency, does that constitute a gift?

After all is said and done, it will be about $185,000 in a joint account with my mom. She will be the primary. I may access the money here and there for smallish home improvements, but my main question is if it’s put into a joint account, is that a gift? And if it’s not, is there a limit to how much I can access per year to avoid gift tax?

Submitted November 12, 2021 at 09:44AM by couchsweetpotato https://ift.tt/3DaIrVv