gift tax and unified credit question

i live in new jersey and my mother wishes to give me a gift of my first home. since the deed will be under my name, we run into the problem of her giving me a "gift" of $180k (asking price of home). after reading this site, it's my understanding that since it's higher than the $10k non-taxable gift amount, she can still avoid paying any taxes due to the unified credit on large gifts ($170k after the 10k). if so, can she simply write me a check and file the appropriate forms next april and be done? it just sounds too simple to be true...thanks for any response.

can she simply write me a check and file the appropriate forms next april and be done? it just sounds too simple to be true...

I understand the feeling you must have about this, but it is true. What you say is correct. The only catch is that the amount you use of the unified credit will not be available as a credit against any possible estate tax or future gifts. However, the credit is scheduled to grow over a period of time.

If you want more info on the tax, see our Q & A on the tax at https://law.freeadvice.com/tax_law/gift_tax_law/

Also, download Form 709, Gift Tax Return and Instructions to Form 709 at http://www.irs.ustreas.gov/forms_pubs/index.html The form and instructions will probably give you all you need to know.