I recently received a gift from a family member in the amount of $20,000.00. It wasn't technically an inheritance, because the money from the sale of the house of the deceased went ot her and she wrote a check to us. So it was a gift. What should I know before depositing it into my account? Since it was a gift, will I have to file it?

I am not an accountant or tax atty but I believe the gift is tax free to you but may cost her if she is single. Perhaps an acct or tax atty can answer.

YOU owe no taxes.

SHE may owe some gift tax, but NOT likely, as she can access the Unified Credit to avoid paying a gift tax. However, she will haveto file a gift tax return to properly account for the gift. Any competent CPA, tax accountant or enrolled agent can handle a gift tax return.