My mom recently came into a significant chunk of money and, as moms are wont to do, she'd like to give both myself and my sister a significant gift -- to the tune of $10,000 (each).
I don't want to run afoul of any gift or tax laws, so before I cash the check she wrote me, I want to make sure this all goes down smoothly.
I am no expert on this subject, but a cursory Google search seemed to indicate that gifts under $15,000 do not need to be reported and do not incur any sort of tax.
Can someone with more expertise on this kindly chime in and let me know if there's something I'm missing or offer any advice on if there is a best way to proceed?
Thanks in advance.