topic Gifting in Deductions & credits

Gifting

caresanchez4 — Wed, 11 Feb 2026 07:05:48 GMT

We are gifting land for my daughter to build a home on. What are the tax consequences of doing this?

M-MTax — Sun, 28 Apr 2024 18:29:19 GMT

You need to file a Form 709 if the FMV of the land is over the annual exclusion amount.

There are no immediate tax consequences for your daughter....she'll take your basis in the land.

TomD8 — Mon, 29 Apr 2024 15:26:58 GMT

TurboTax has a help article explaining the gift tax:

M-MTax — Tue, 30 Apr 2024 00:37:54 GMT

TurboTax has a help article explaining the gift tax:

And it's already outdated for 2024.