Skip to main content
Level 1
Apr 28, 2024 6:19 PM UTC
Question

Gifting

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

 

    3 replies

    M-MTax
    Level 15
    Apr 28, 2024 6:29 PM UTC

    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.

    Alumni - Champ
    Apr 29, 2024 3:26 PM UTC

    TurboTax has a help article explaining the gift tax:

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

    **Answers are correct to the best of my ability but do not constitute tax or legal advice.
    M-MTax
    Level 15
    Apr 30, 2024 12:37 AM UTC

    TurboTax has a help article explaining the gift tax:

    And it's already outdated for 2024.