We are gifting land for my daughter to build a home on. What are the tax consequences of doing this?
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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.
TurboTax has a help article explaining the gift tax:
https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N
TurboTax has a help article explaining the gift tax:
And it's already outdated for 2024.
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