gift tax

[renee1127]

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.

 

[loku]

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.