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Posted: 7/21/2008 2:24:50 PM EDT
My mother was diagnosed with pancreatic cancer and given 3 months to live.

Two weeks later, she signed her home over to me...three weeks after that, she passed away.

Is the IRS going to bend me over and reem me out on a gift tax next year?

I know I should have done my research before hand, but at the time it seemed like a good idea. I was stressed the hell out to say the least...as was the rest of my family...and none of us were thinking clearly.

Thanks in advance,

HS


oh, I'd like to say that I have posted about legal matters in the past...and I'd like to say that I miss ETH...that gentleman saved my ass once and I will never forget that.

Godspeed, Eric. You were an asset to Humanity and a keystone to the arfcom community.....
Link Posted: 7/21/2008 4:21:36 PM EDT
You need the advice of a tax attorney or a CPA. Generally speaking, there's a 2-3 year lead time when signing over a house in order to avoid the tax bite. This is why you need competent legal advice & not mine.

Good luck!
Link Posted: 7/21/2008 4:26:12 PM EDT
I think cash gifts are limited to under 70k. Inheretence tax only kicks in if its a million or more I think in our state. Not sure about NC.
Link Posted: 7/21/2008 4:28:46 PM EDT
thanks
Link Posted: 7/21/2008 4:30:29 PM EDT
Sorry about your loss.
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