Here is a real foolish question. My recently deceased mother had opened a joint account with my brother and deposited the proceeds of the sale of her home so he could manage her expenses. Now that she has passed on, my brother and I have decided to split the remaining amount in the account. Two questions. Does he have to limit the amount he can give me to 10,000/yr to avoid gift taxes? Do I have to worry about paying income tax on the amount he gives me?
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