M-MTax
Level 12

Business & farm

Gifts received are not reported on an income tax return. They may be reportable on a gift tax return (Form 709) but only if the amount of the gift by the donor exceeds $18,000 for the 2024 tax year or $19,000 for the 2025 tax year. 

 

If you are not familiar with the entire procedure (re Form 709 filing), then your best bet is to seek guidance from a local professional who is familiar with gifting, estates, and trusts. Since the gift here happens to be property (not cash), you will likely need an appraisal of fair market value (or some acceptable proof of FMV).