My Grandmother, whom is still alive, set up paperwork to where my MOM receives the profit from the sale of her condo- which sold two years ago, and was 180,000.
The tax preparer had to consult a supervisor, etc, and they said they don’t think that the gift means that Mom owes taxes on it- but they said something about the “five year” period of time, which DID pass- being the reason that the inheritance is not taxable.
Now she got paperwork from the IRS, which isn’t an “audit” but is asking for proof of this or that- but doesn’t say anything about the inheritance- but asks for other proofs such as the “circuit breaker” Senior credit proof.
ANYONE who can give me feedback on this issue would be helpful!
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