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gift tax

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My mother is going to gift our family lake home to me and two of my siblings. The value is probably somewhere around $100,000. When would she have to pay the gift tax? She will never reach the accumulated life time limit. Would this be due upon her death? We are in Minnesota.



Gift tax return

You mother must file a gift tax return by April 15 of the year immediately following the gift; however, no tax will be due since the annual exclusions and the lifetime exemption will cover it.

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