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QUESTION DETAIL
Related User
Votes
I received a house as a gift from my mother, will I owe taxes on this gift?
ANSWER
The BIDaWIZ Team's Answer:
Her lifetime gift tax exemption amount equals $1M. Thus,
if the house value is well below $1M, and assuming that she
has not previously remitted gifts, to you, that in total, exceed
$1M, then the gift is not subject to
a gift tax.
