Gift Taxes

hollygoode410 · ‎June 8, 2022

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?

Anonymous_ · ‎June 8, 2022

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

View solution in original post

Anonymous_ · ‎June 8, 2022

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