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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?

2 Replies
Level 15

Question regarding how to handle a $20,000 gift

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

Level 7

Question regarding how to handle a $20,000 gift

If your mother "wrote out a check" for $20,000 to two people as you wrote, there is no need to File or report the Gift on Form 709.
Scruffy Curmudgeon--PFFM/ IAFF, Locals 718/30, retired firefighter/medic; univ faculty NOT INTUIT EMPLOYEE
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