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Level 1
April 28, 2024
Question

Gifting

  • April 28, 2024
  • 1 reply
  • 6 views

We are gifting land for my daughter to build a home on.  What are the tax consequences of doing this?

 

    1 reply

    M-MTax
    Level 15
    April 28, 2024

    You need to file a Form 709 if the FMV of the land is over the annual exclusion amount.

    There are no immediate tax consequences for your daughter....she'll take your basis in the land.

    Alumni - Champ
    April 29, 2024

    TurboTax has a help article explaining the gift tax:

    https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

    **Answers are correct to the best of my ability but do not constitute tax or legal advice.
    M-MTax
    Level 15
    April 30, 2024

    TurboTax has a help article explaining the gift tax:

    And it's already outdated for 2024.