I was gifted land this year. do i need to claim that on my tax return
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ajsmallz13
New Member

I was gifted land this year. do i need to claim that on my tax return

 
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MinhT
Expert Alumni

I was gifted land this year. do i need to claim that on my tax return

As the recipient of the gift, you are not liable for any tax and do not need to report it on your tax return.

The donor will have to file the gift tax form (form 709) if the value of the gift exceeds $14,000.

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