Tax ramifications of cash gift from family member
I'm in Virginia. After my mother passed a bit ago (she lived in Michigan), my sister sold mom's house (it had been quit claimed to my sister's name shortly prior to mom's passing) and split the proceeds evenly between we three siblings. So, I received a check for ~$20,000. My question is: what are the tax ramifications of receiving that amount? I assume it would be considered a gift from a family member? If I am going to owe a substantial amount (to VA and/or federal taxes), can I pay that in advance?
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