My husband’s father bought a piece of vacant land 20 years ago and put it in my husband’s name. In 2019 he needed to sell that still vacant piece of land. My husband signed a quit claim deed to transfer the land officially to his father’s name. This way the money from the sale of the land would go directly to his father.
Because of this I assume my husband now has to file Form 709 to report the “gift” (and I use quotations because our involvement in the buying and selling of this land was totally irrelevant but seems to have caused an unwanted tax head ache).
Am I correct that we need to report the quitclaim via a Form 709 this tax season?
