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Eastansel
Level 1
January 26, 2022
Question

Moved in 2021

  • January 26, 2022
  • 1 reply
  • 2 views

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?

    1 reply

    KrisD15
    KrisD15
    Level 15
    January 26, 2022

    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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