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nyc2fwb
Guest
What is the name of your state? Florida
My widowed mother recently sold her home in New York for $325,000 and is planning to distribute the money from the sale of the house to my brother and I as a gift. My share (to me and my husband) will be approximately $125,000, and I live in Florida. The sale of the house took place at the end of 2002 (December 20). My mother has not yet made a distribution of the money, but is planning to do so soon. What are the tax laws regarding a gift distribution such as this? Is there a limit per year to the amount of money that can be given per person before a tax needs to be paid on it? If so, since we are just two weeks into 2003, would it be possible for some type of extension to be granted so that she could now give a gift for 2002?
My widowed mother recently sold her home in New York for $325,000 and is planning to distribute the money from the sale of the house to my brother and I as a gift. My share (to me and my husband) will be approximately $125,000, and I live in Florida. The sale of the house took place at the end of 2002 (December 20). My mother has not yet made a distribution of the money, but is planning to do so soon. What are the tax laws regarding a gift distribution such as this? Is there a limit per year to the amount of money that can be given per person before a tax needs to be paid on it? If so, since we are just two weeks into 2003, would it be possible for some type of extension to be granted so that she could now give a gift for 2002?
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