Thanks @pk ! We are both US citizens. The property was in Mexico and it was undeveloped land used for agriculture. The buyer was not related to us. Also, my share is about over the $15K gift amount allowed per year. My dad hasn't done a tax return since he retired and started receiving his SS benefit. Will he need to file a tax return to report the sale of the land even though he gifted most of the proceeds from the sale to his children? What happens if he doesn't report it because he doesn't file a tax return? Will my siblings and I get taxed on the gift we receive if its over the $15K limit and we report it on our taxes?
