My wife recently inherited a large sum, and used a portion of it to pay off our home. She thinks she has to put the house in her name because it will be considered a gift otherwise. Is this true?
You'll need to sign in or create an account to connect with an expert.
Technically, it is a gift from her to you. But tax wise, it does not matter. Spouses are not subject to the gift tax rules. So, as others have said "spouses can give each other unlimited gifts", without tax consequences. Gifts are not taxable income to the recipient, regardless of relationship.
Technically, it is a gift from her to you. But tax wise, it does not matter. Spouses are not subject to the gift tax rules. So, as others have said "spouses can give each other unlimited gifts", without tax consequences. Gifts are not taxable income to the recipient, regardless of relationship.
No. An inheritance is not a gift. A gift is given during a person's lifetime, not after.
The inheritance itself is not taxable, unless it came from (say) a retirement plan.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
thenomads2
New Member
mommatigress05
New Member
in [Event] MetLife + TurboTax | Ask the Experts About Your Taxes
cstarlin
New Member
darrin-lillian
Level 1
sammypaige
Returning Member