topic My father is selling some land and will give me $250000 from it. He is paying the taxes from the sale but will I owe taxes on the money too? in Deductions & credits

My father is selling some land and will give me $250000 from it. He is paying the taxes from the sale but will I owe taxes on the money too?

eagles53 — Mon, 23 Feb 2026 10:34:02 GMT

Re: My father is selling some land and will give me $250000 from it. He is paying the taxes from the sale but will I owe taxes on the money too?

Mike9241 — Sat, 21 Jan 2023 18:30:58 GMT

if you don't own it at least partially the entire amount is a gift. if it's a gift since the amount is more than the annual exclusion, $16.000, your father will need to file a gift tax return for 2023 which is due 4/15/2024 form 709

Re: My father is selling some land and will give me $250000 from it. He is paying the taxes from the sale but will I owe taxes on the money too?

xmasbaby0 — Sat, 21 Jan 2023 18:41:47 GMT

GIFTS

Money that you receive as a gift is not taxable income to you, and you do not need to report it on your income tax return. Money that you gave as a gift to someone else is not deductible for your taxes.

Turbo Tax does not support the gift tax form 709, but here is a link:

https://www.irs.gov/pub/irs-pdf/f709.pdf

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