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April 28, 2024
Question

Gifting

  • April 28, 2024
  • 1 reply
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We are gifting land for my daughter to build a home on.  What are the tax consequences of doing this?

 

    1 reply

    M-MTax
    April 28, 2024

    You need to file a Form 709 if the FMV of the land is over the annual exclusion amount.

    There are no immediate tax consequences for your daughter....she'll take your basis in the land.

    Employee
    April 29, 2024

    TurboTax has a help article explaining the gift tax:

    https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

    **Answers are correct to the best of my ability but do not constitute tax or legal advice.
    M-MTax
    April 30, 2024

    TurboTax has a help article explaining the gift tax:

    And it's already outdated for 2024.