If my aunt sells me a property for $60,000 under appraisal value will she have to pay gift tax

[Anonymous_]

Since your aunt is essentially selling you the property for $60,000 less than fair market value, she is giving you a gift to that extent ($60,000), which exceeds the annual gift tax exclusion of $18,000 (for 2024).

As a result, she will need to file a gift tax return.

See https://www.irs.gov/instructions/i709#en_US_2023_publink16784xd0e649

However, unless she exceeds her lifetime exclusion amount of $13.61 million (for 2024), she will not owe any gift tax.

See https://www.irs.gov/instructions/i709#en_US_2023_publink1000292380

[Mike9241]

you should also get documentation from her as to her basis in the property.  At some point you may want to sell.

to determine if you have a taxable gain you'll need to know her basis. 

[Hal_Al]

"Gift Tax" is somewhat of a misnomer.  Even though a gift tax return may be required, very few people ever actually pay federal gift tax. The purpose of the gift tax return is usually only to document a reduction in the allowable estate tax exemption.
See https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/...