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I received a house as a gift from my mother, will I owe taxes on this gift?


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.

The BIDaWIZ Team



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