Hi, I am hoping someone can help me. This is more of a general question but I haven't been able to find the answer online.
My sibling received a gift of land and a house from our parents worth 100k about 8 years ago.
Now I am to receive a house from them worth 320k, my question is does the first gift of 100k mean that the gift limit has been reached already so I would receive 220 and have to pay tax on the other 100k?
I'm not sure if I am explaining this very clearly.