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hollygoode410
Returning Member

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?

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Gift Taxes

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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1 Reply

Gift Taxes

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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