Quote:
Originally Posted by RockChalk
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.
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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.