QUESTION
What taxes do I have to pay if I want to gift my son my land?
Asked on Jan 27th, 2011 on Taxation - California
More details to this question:
I'm planning on giving my son some land to built a house on. Is there taxes to be paid on the giving of some land?
1 ANSWER
Bruce Givner
If the value is less than $13,000, then you need not report it. If the value is more than $13,000 you must report it. If the value is less than $5,000,000 there is no tax. It is more involved than that, especially if you wish to do some planning to minimize the gift.
Answered on Jan 27th, 2011 at 6:13 PM