What is the name of your state?
Pennsylvania
My father is selling his home. Recently he told me that, after my mother died, he placed his four children's name on the deed, and he wants to give each of us a share in the proceeds. What are his, and our, tax obligations? Because our names are on the deed, does that mean we each must get an equal share and, if so, what tax must we pay? If the money is my father's and he's free to do with it what he will, how much can he legally give us as a gift without being liable for taxes?
Pennsylvania
My father is selling his home. Recently he told me that, after my mother died, he placed his four children's name on the deed, and he wants to give each of us a share in the proceeds. What are his, and our, tax obligations? Because our names are on the deed, does that mean we each must get an equal share and, if so, what tax must we pay? If the money is my father's and he's free to do with it what he will, how much can he legally give us as a gift without being liable for taxes?