[dfox1982]

My Father-in-law just passed a few months ago and my mother-in-law has to sell the house. We were told that she would get a tax credit or tax exempt if she sold the house with-in one year of his passing. Is this true.

Also she would like to give each of her son money after the sell I know it use to be $10,000 tax free but now I hear it might be $12,000. Could you let me know thanks.
Donna

[AtlantaTaxExpert]

More than likely, the sale will be tax-exempt whether she files within one year or not, as the exemption amount for a single person is $250,000 of the PROFIT on the sale.

The exemption for gifts is $13,000 per giver to each giftee for 2009.