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I gifted my son raw land in a foreign country worth $19,000 23 years ago. My son sold the property in 2018. Do I owe the IRS any donor's tax?

Forum|Forum|7 years ago
June 6, 2019
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I gave our son undeveloped land in a foreign country worth $19,000 23 years ago. The land was titled in our son's name when purchased. He sold the property in 2018 reporting his cost basis as a gift at the purchase price I paid. Do I need to report this as a deduction from my son's future inheritance?

Best answer by MichaelL1

You did this 23 years ago, and there was a gift tax required at that time (unless it was given by husband and wife, then none would be required).

As far as future inheritance, that is not a tax question and a personal decision of yours to make.

MichaelL1Answer

Employee

You did this 23 years ago, and there was a gift tax required at that time (unless it was given by husband and wife, then none would be required).

As far as future inheritance, that is not a tax question and a personal decision of yours to make.