Gift Taxes

[hollygoode410]

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?

[tagteam · Accepted solution]

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