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Old 05-21-2016, 02:39 AM
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Do I owe grandfather taxes?

My mother received a house from my grandparents in 1993. The title to the house was switched back to my grandparent's name on Feb. 12, 2004 because my mother had terminal cancer . She passed away in March 2004. I don't think she had a will. I lived in the house until 2014 when the house was sold by my grandfather (I was paying my grandfather directly for the property taxes). It was sold on April 1, 2014. My grandfather sold the house for FAR under it's value. He then divided the money 4 ways. Him and my grandmother received half, and then he gave my brother and me 25% each. He now says I owe him money for taxes on the money I received from the house. My grandmother says that's not true. I want to do what's fair and right. How do I know who's right? Thank you in advance for any help.



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Old 05-21-2016, 03:38 PM
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Quote:
Originally Posted by bhunt1 View Post
My mother received a house from my grandparents in 1993. The title to the house was switched back to my grandparent's name on Feb. 12, 2004 because my mother had terminal cancer . She passed away in March 2004. I don't think she had a will. I lived in the house until 2014 when the house was sold by my grandfather (I was paying my grandfather directly for the property taxes). It was sold on April 1, 2014. My grandfather sold the house for FAR under it's value. He then divided the money 4 ways. Him and my grandmother received half, and then he gave my brother and me 25% each. He now says I owe him money for taxes on the money I received from the house. My grandmother says that's not true. I want to do what's fair and right. How do I know who's right? Thank you in advance for any help.
The donor is generally responsible for paying the gift tax aslongas the cumulative gift amt is I guess $5.45M or exceeds the amt.You as a donee of the gift, do not pay tax;however,in a rare case,Under special arrangements the donee may agree to pay the tax instead. but your GF needs to file form 709 aslongas he gave gift a to you in 2015 totalling more than $14k



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