We recently were “given” a house by my mother , for all legal concerns. The house was quit claim deeded to me.
Now her CPA is saying that she owes a bunch of money to the irs because of this gift.
The only thing i can find is the possibility of capital gains taxes on me . That has no bearing on her.
Does this sound right? I can’t get the CPA to call me, my mother is old, she gets confused easily.
I told her to hold everything and dont give anyone any money until I investigate it.
She also says we have to present an appraisal of the house...its worth is about $250k right now. Paid $115k .
I did not see any problem with this.
Any help appreciated !
Thanks
Now her CPA is saying that she owes a bunch of money to the irs because of this gift.
The only thing i can find is the possibility of capital gains taxes on me . That has no bearing on her.
Does this sound right? I can’t get the CPA to call me, my mother is old, she gets confused easily.
I told her to hold everything and dont give anyone any money until I investigate it.
She also says we have to present an appraisal of the house...its worth is about $250k right now. Paid $115k .
I did not see any problem with this.
Any help appreciated !
Thanks