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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]My mom didn't own a home and every single bank account and pension listed me as a beneficiary so everything was easy.  I distributed things equally between myself and my brothers.[/quote]

Wouldn't you have to pay taxes when you gifted money from you to your siblings?

OP[/quote]

Unless you are getting enough to trigger the estate tax, inheritances aren't taxable. The path it took to get to you doesn't really matter.[/quote]

Wrong. Op was the beneficiary only. The accounts with listed beneficiaries do not go through probate. Therefore she gifted Money to siblings subject to gift tax if amount over threshold. [/quote]

Sure, but as long as under $13 million it doesn't matter, there are no taxes due.

Only thing you have to do if over $17k in a year is report it on your taxes. Nothing due.[/quote]

Gift tax is 18% -40% over the annual limit of 17k (and 34k if married) plus penalties and interest if not paid. Also the gifter will be charged penalty for not reporting gifts. In the pp case they did not report $$ as gifts as when distributed to non-beneficiaries .IRS will come after you and you will be penalized. [/quote]

This is NOT true.  Surprisingly a lot of average middle class Americans really think they can’t give or receive more than 17k without paying a tax.

Nope. All the limit is for is to prevent wealthy people from giving away all their money right before they die to avoid the estate tax. Any money given over $17k reduces the estate tax exclusion amount. [/quote]

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