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Life estate and gift tax

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lovetocook

Junior Member
What is the name of your state?Illinois My mother signed her house to my husband and myself and retained a life estate. She passed away. What taxes do I need to pay. I am wondering about a gift tax. Thanks
 


LdiJ

Senior Member
lovetocook said:
What is the name of your state?Illinois My mother signed her house to my husband and myself and retained a life estate. She passed away. What taxes do I need to pay. I am wondering about a gift tax. Thanks
You don't pay taxes on a gift recieved. Your mother's estate may be responsible for some taxes depending on the size of her estate. The executor of her estate (and/or the person responsible for filing her final tax return) should get the help of a professional tax preparer.
 

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