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New Member
posted May 31, 2019 7:52:57 PM

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

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1 Replies
Expert Alumni
May 31, 2019 7:53:00 PM

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.