Check out the following new Questions for the Tax Lady answers and feel free to ask me questions through one of the links below. You can send me an email, direct message or @ reply, and I will do my best to get an answer for you!
Question #1: My fiancé and I are buying a house. The loan is in my name only but we are using her $30,000 inheritance. Will a gift tax apply?
It depends. Technically any transfer of property valued at over $12,000 (where full reimbursement is not received) will be subject to the gift tax. However, gifts between spouses are excluded. Therefore if you and your fiancé got married before the end of the calendar year then you might be exempt.