syllaw1
New Member

I gifted my son raw land in a foreign country worth $19,000 23 years ago. My son sold the property in 2018. Do I owe the IRS any donor's tax?

I gave our son undeveloped land in a foreign country worth $19,000 23 years ago.  The land was titled in our son's name when purchased. He sold the property in 2018 reporting his cost basis as a gift at the purchase price I paid.  Do I need to report this as a deduction from my son's future inheritance?