@Ralston138 wrote:
If my mom and I transferred 16,000,00 from her name to my name 6 years ago. And she just passed away. I have 3 siblings. I am supposed to split the 16,000.00 four ways. Os there gift tax due? Was she supposed to pay it? If she didn’t how would I know? The year she transferred the money was 2016. So I don’t believe it is inheritance. So it must be counted as a gift. Being that it was 2,000.00 over the max annual gift and assuming she did not pay gift tax on that amount, do I owe it? How do I proceed before dividing it up and paying my siblings their share?
No. No gift tax. The gift tax is on on the giver, not the receiver. Your mother probably should have filed a form 709 gift tax return 6 years ago which would not impose any actual tax but just subtract form her lifetime exemption, but that is water under the bridge now and nothing for you to worry about.
What you give to your siblings is also a gift from you to them, but if under $15,000 in a year does not require any reporting.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
