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I have done some research and what I have found that gifting land is legal.
What I'm not clear on, is there is any capital gains that need to be paid?
So, what does the IRS wanting as a value for the land to be gifted?
That amount might make the yearly 30K tax free gifting from both of us.
I also could use the life time inheritance tax exemption for gifting as well. So what have I missed?
What I'm not clear on, is there is any capital gains that need to be paid?
So, what does the IRS wanting as a value for the land to be gifted?
That amount might make the yearly 30K tax free gifting from both of us.
I also could use the life time inheritance tax exemption for gifting as well. So what have I missed?