What is the name of your state?OHIO
I inherited one third of my grandmothers estate when she passed on. Part of that estate is a house. My family and I have decided to sell the house. My husband mentioned that he had heard of the situation where money given to a spouse is not taxable. We are using my share of the sale proceeds to finish our new house, so I am wondering, if I "give" my share of the proceeds to my husband, he uses it to finish our house, do I have to pay taxes on the proceeds? Is it included in my income? And if this is possible, how do I do it?
Thanks for your assisstance.
dsampsel
I inherited one third of my grandmothers estate when she passed on. Part of that estate is a house. My family and I have decided to sell the house. My husband mentioned that he had heard of the situation where money given to a spouse is not taxable. We are using my share of the sale proceeds to finish our new house, so I am wondering, if I "give" my share of the proceeds to my husband, he uses it to finish our house, do I have to pay taxes on the proceeds? Is it included in my income? And if this is possible, how do I do it?
Thanks for your assisstance.
dsampsel