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Gift Taxes
My husband died during the 2021 tax year. I want to give some of our acreage away to non-relatives. How does this work tax-wise?
I am sorry for your loss.
You should absolutely consult with estate planning counsel.
See https://www.avvo.com/estate-planning-lawyer.html
Generally, however, you can give away up to $16,000 to any one individual per year without having to file anything with the IRS (such as a Form 709 gift tax return).
See https://www.irs.gov/instructions/i709#en_US_2021_publink16784xd0e432
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