Land gifted and Taxes

[Reroka]

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?

[Peter Gibbons]

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.

[Reroka]

Originally Posted by Peter Gibbons

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.

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.

[ChiTown]

Originally Posted by Reroka

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.

[neech]

[tmax63]

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.

[Jewish Rabbi]

Get a 700.00 lawyer and ask this question

[neech]

Originally Posted by Jewish Rabbi

Get a 700.00 lawyer and ask this question

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

[ChiTown]

Originally Posted by neech

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

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

[tooge]

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

[ptlyon]

Originally Posted by tooge

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?

[FlaChief58]

Originally Posted by ptlyon

But how is he to get seafood?

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

[TLO]

JUNGLE LAW

[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.

[Reroka]

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.

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.