If mother gives me a one time gift of $150,000.00 do I pay taxes on it? and does my mother pay taxes on the gift?

[pilgrim100a1931]

mother sold her home and moved into retirement community and gave me $150,000.00 as a gift, do I pay any tax on the gift and does my mother pay tax on her gifting?

[PaulaM · Accepted solution]

The generous gift that your Mother gave you is not taxable to you. However, your Mother will need to file a gift tax return. Gift tax returns are required if you gift someone more than $14,000 in one year.

https://www.irs.gov/pub/irs-pdf/i709.pdf

https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/...