Anyone have experience with this? Say I wanted to give my son 20 acres of land, what are the rules involved with taxes,engineer needs, etc?
Is there a limit to how much can be given at one time before it can be taxed?
Gift Taxes - What You Need to Know:
If you give someone a gift or gifts of money or property and the value is over the annual gift exclusion amount, you will generally owe gift taxes.
If you give a gift of property, taxes must be paid on the fair market value of the item (not the purchase price, nor the original value).
You do not have to pay tax on gifts totalling less than (or equal to) the annual exclusion amount ($14,000 per recipient in 2013).
You do not have to pay tax on gifts that qualify for other exclusions (see below).
Gift Tax Exclusions
There are a number of ways to reduce the amount of Gift Taxes you may owe:
Gifts to Your Spouse: You do not have to pay taxes on any amount given to your spouse as a gift, unless they are not a U.S. citizen.*
Education and Medical Expenses: You will not owe tax on any amount paid for someone else's tuition or medical bills. The payment must be made directly to the educational or medical institution and not to the person receiving the education or medical care.
Charitable Donations: Contributions made to qualifying charities are not only deductible on itemized tax returns, you may also deduct the value of your charitable donations from the amount of Gift Taxes you owe. Learn more about charitable contributions
Political Contributions: Political donations are considered gifts, not deductible charitable contributions, and you may exclude any amount given to political organizations. The organization must use the money for its own purposes and may not be acting as an intermediary to dispense the funds to a third party.
Annual Gift Exclusion: In 2013, you may give someone up to $14,000 in gifts before paying any gift tax. The $14,000 annual gift exclusion is a limit on nontaxable gifts per person, and you may give multiple people up to $14,000 each without incurring any tax liability. However, the amounts of your annual gift exclusions are limited to a lifetime total of $5,250,000 ($10,500,000 for married couples) for Tax Year 2013.
*The annual gift exclusion for gifts to a spouse who is not a U.S. citizen is $143,000 for 2013.
You should talk to a realtor or lawyer with knowledge of land laws and taxes.
I don't screw around with Google when taxes are on the line. I like my nethers the way they are.Don't be ridiculous. He should blindly follow the advice of any and every member who takes a second to google for him. Lawyers are for sissies!
I've been googling off and on for the past hour. I unlike others appreciate first hand experiences. You are 0 help, pls move along.
...Lawyers are for sissies!
I've been googling off and on for the past hour. I unlike others appreciate first hand experiences. You are 0 help, pls move along.