Thread: Weather Joplin virtually destroyed by tornado
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Old 10-22-2011, 04:56 PM   #1497
Marcellus Marcellus is offline
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Join Date: Sep 2003
Casino cash: $-347338
Quote:
Originally Posted by RINGLEADER View Post
Not an accountant, but pretty sure you have to report the value of the gift then pay whatever tax bracket that puts you in. A $100,000 house would rack up a $35,000 obligation (less whatever deductions they have).
You wouldn't get taxed if you tore your house down and built a new one.

So if the labor and materials are donated, don't see how that is any different.

Property taxes is all they have to worry about.
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