estate tax 2009 irs
i was given a large gift (house) by my mom but she didnt file a gift-tax return. Can the IRS take my house?
she gave me the house in 2007 but she passed away suddenly in january 2009. If my mom’s estate left huge liabilities, can the IRS try to satisfy itself against my home if there is nothing but liabilities left in the estate? The home is worth more than $2 mil. I don’t want to lose my house but I hear the IRS can go after the recipient of a gift to satisfy outstanding liabilities of the gift-giver. Anyone know what the source of that power is? Is this true?
Ordinarily, a gift made within three years of death is included as an asset on the persons estate tax return, if one is due. This could be good news or bad news but my guess is that you will come out ahead. You should consult a local probate attorney about how to handle your situation.
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