Gifting

[caresanchez4]

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

[M-MTax]

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]

TurboTax has a help article explaining the gift tax:

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

[M-MTax]

TurboTax has a help article explaining the gift tax:

And it's already outdated for 2024.