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Eastansel
Level 1

Moved in 2021

I moved in 2021.  I own the house, but was gifted the land that the house was built on.  Do I report the land gift and are there taxes involved?

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‎January 26, 2022 9:05 AM
last updated ‎January 26, 2022 9:05 AM
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KrisD15
Expert Alumni
Expert Alumni

Moved in 2021

NO

 

Gift tax is never paid by the person who receives the gift.

The person that gives the gift "MIGHT" need to file a "Gift Tax" return (Form 709) and that would only be if the person making the gift passes their yearly or lifetime limit. 

 

 

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‎January 26, 2022 9:19 AM
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