Gave Son some of our property to put home on, What do we do about taxes.

lindaktodd · ‎June 3, 2019

we had 44 acers and gave our son 15 to put a mobile home on. How do we handle this transaction on our tax forms?

PatriciaV · ‎June 3, 2019

It depends on the value of the property you gave to your son. Even if taxable, you would not report this gift on your personal tax return.

For 2016, the annual gift exclusion to avoid paying gift taxes is $14,000 per person per recipient.

This translates to a total of $28,000 for two parents making a gift to a child.

If the property has a Fair Market Value over $28,000, you may be required to file a Gift Tax Return. Learn more about this here: The Gift Tax - TurboTax Tax Tips & Videos

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PatriciaV · ‎June 3, 2019

It depends on the value of the property you gave to your son. Even if taxable, you would not report this gift on your personal tax return.

For 2016, the annual gift exclusion to avoid paying gift taxes is $14,000 per person per recipient.

This translates to a total of $28,000 for two parents making a gift to a child.

If the property has a Fair Market Value over $28,000, you may be required to file a Gift Tax Return. Learn more about this here: The Gift Tax - TurboTax Tax Tips & Videos

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Gave Son some of our property to put home on, What do we do about taxes.