Mom and Mad bought the home5yrs ago. They are deceased, I am the personal representative of an informal probate in Az. Not court supervised. just a filing thing. The will says that my sister and i are to divide the assets. and has the paper from the court. Just the home and a small amt of cash. Total assets about 120K my sis will give me half. 60k.My sis and her husband plan to move into the home. We are going to transfer the deed to her as part of the distribution of assets is that 60K taxable? Or is it still an inheritance? Or they each could gift us 14k (sis & hubby) this year and next year, 56K then the rest later. Thanks
