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Question regarding how to handle a $20,000 gift
My husbands grandmother was put in a nursing home and since her children were on the deed they decided to sell the house and they would split the proceeds evenly. However, my husbands father (his grandmas son) is deceased and his grandmas will states (even though she is still alive) that his fathers portion should be split between his children (my husband and his sister). This occurred but the money was given to my husbands mother first and then she wrote out a $20,000 check for my husband and his sister. How does this impact my federal and state tax returns?
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A gift received from an individual is not reported on a tax return, regardless of the amount received.
The individual giving the gift does not report the gift given on a tax return. If the gift given is greater than $14,000 to a single individual in a year then the giver of the gift has to report the gift given on an IRS Form 709 United States Gift (and Generation-Skipping Transfer) Tax Return
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