Thank you very much for getting back to me. In the early 70's, my mother received compensation for lost luggage and used that money to buy 3 parcels of unimproved land. When I turned 25, my parents deeded one of the parcels to me in lieu of $5k for not being married, and my brother received a parcel when he turned 25, for the same reason. Mom had told us we would get $5K at the age of 25, and were not married, not living with a boy/girlfriend, but the folks didn't have the cash so they deeded a parcel to each of us.(weird, I know.) We are now 51 and 49, respectively. We have been trying to sell the property and have had a few interested buyers, but no one wants to pay the money to have a sewer line brought down from the bordering road and macadam laid for the road in front of the parcels. Because mother is now retired and widowed, she doesn't want to continue paying property taxes
, so she spoke to a gentleman who owns the marina adjacent to our land, who wants the land to build a golf course. I was unaware she had spoken to him, and didn't know she entered into an agreement with him until I got a text message from my brother saying we were going to give him the property. On Monday, I received a real estate
purchase contract from the RE agent we signed with to sell the property, wanting my signature. So, I guess mom told him we'd give him the property. I guess I'm OK with it, but I'd like to know what the tax implications are for myself. If the IRS is going to hassle me about giving it away, then I may not go through with this deal she made, that I was no part of. Mom has been paying the taxes on her parcel and mine as I haven't been in a good place, financially, so I don't relish the thought of now paying the taxes on my parcel, but I will if you tell me I won't do well with the IRS. And to answer your question, we have not had it appraised.