Land gifted and Taxes
 

I havce been gifted 3.5 acres of land in South Carolina. Need to know how I go about paying taxes on it or do I even have to considering its a gift?

Full disclosure - I am of no help in regards to taxes.
However, I am curious where in South Carolina is your new land?
Also, after you figure out the tax thing, you should also see if you are now obliged to read all Pat Conroy’s books.

I'd assume you have yearly property tax as a minimum. Call the tax assessor in that county or at least talk to the people who gave it to you. If it's an estate then there are lawyers/executors who can help you out.

Get a 700.00 lawyer and ask this question

Don't tell anyone. Get all the guns you can, erect a large fence, get mean dogs, and secede from the union.

But how is he to get seafood?

JUNGLE LAW

Gaffney, outside Spartanburg.

My father gifted me 3.5 acres of land, It's valued right at 100k right now.

Needing to find a septic company or company that will do a perc test on the soil faster than 18 weeks.

Depending upon how the land transfer was set up, you may not owe any taxes. You should definitely consult with an accountant as soon as possible, and they may actually refer you to a Tax Attorney depending upon your situation.

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I'm thinking it will cost you more then that.

I'm sure he'll want to bring his wife

Not really - depends on the complexity of the deal. I've had lawyers review detailed contracts that have cost me less than that.

The individual receiving a GIFT does not have reportable taxable income. Your Father, who is doing the actual gifting, may or may not have to report. Given that it's valued at $100K, that goes well over the annual exclusion amount, so he likely will file a gift tax return but will have lifetime exclusion to eat that up.

As the owner of that land, you'll likely pay annual property taxes on it. But nothing from an income tax standpoint unless you sell it.

Cool thanks.

My father bought it 10 years ago for 30k, he is gifting it to me so I can build my home on it. The builders we hired and the bank we are going through said that it should value right around 100k maybe more as land is going for 30 to 35k per acre here.

I don't know how it works with a piece of land with the title, but I think a common strategy is that you give the person money up to the Limit over several years. I know it used to be $10,000 as a limt, but that may be outdated. So your father can give you a 10% share of the land with no taxes every year for 10 years and it'll always be under the limit, whereas if he gives it to you all in one chunk it's over the limit and you owe gift tax. I think if you have both a father and a mother that they can each give you $10,000 or whatever the limit is in one year with no gift tax so that it only takes five years. Or your father can give you ten thousand and your wife 10,000, and your mother can give you ten thousand and your wife ten thousand, and each gift Falls under the limit so you can do it in two and a half years.

But I've heard of doing that for cash, and I don't know how that would work on a monolithic asset like land.

The money for building this home is flying out the door Already. Holy shit did not know building a home required this much work. I thought the builder we hired to build it would do this lol

Sell it and invest it all in a penny stock.

Or clear some of it, build a giant Man Cave and host CP get togethers every game day.

You can charge $10 a pop for entry.

If you'd like to avoid all of the headaches, I can send you my information and you can transfer it to me. I'll carry this burden for you.


Also, when you build, plan on it going 30-40% over what you think it's going to cost you.

Already at that point, I planned on 300k I am closer to 500k right now.

Sell it and buy whores

Watch Yellowstone

Never buy those. Lease only.

Did you crash and burn the drone yet?

buy it for a dollar

With property the idea is similar. The short version is it’s commonly addressed through a loan where you forgive up to the annual gift limit in principal and interest until it’s paid off.

Taxation is theft so you know you will have to pay something.

That is a pretty area of South Carolina.

ofc you gonna have to pay rent on it, you don't own it.

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No, I still have it, Took some video and spying on the people close to where I live lol

Yes it is being gifted to me but I did buy it. I paid 6500.00 for the 3.5 acres that today I was told is worth 35k per acre.

So I am buying it but to skip paying any taxes on it he is just gifting to me.

No rent,


as of Friday I own the land.