My sister sold our mothers home in Sept 2017 and my mother wanted to gift my younger sister and myself $10,000. So she gave each of us a cashiers check for that amount. Was I suppose to claim that on my taxes or pay taxes on it or does my older sister have to do that?
No. The amount of the gift is under the annual gift tax exclusion, so you do not have to pay tax on the gift or file a return.
Ms. Willi is a tax attorney, CPA, and Ohio-Certified Specialist in Estate Planning, Trust & Probate Law, with offices in Westerville, Ohio. She serves client families and private business owners throughout Ohio. Ms. Willi responds to Avvo questions as a public service to help educate and provide general guidance to questioners, but her responses are not legal advice and do not create an attorney-client relationship. Her posts are provided for informational purposes only and are not a substitute for advice provided by an attorney or licensed tax professional. Her phone number is 614-890-0500 and her website is www.willilaw.com.
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