How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Wayne Brasch Your Own Question
Wayne Brasch
Wayne Brasch, Accountant and Business Consultant
Category: Tax
Satisfied Customers: 1298
Experience:  Master of Science in Taxation. Tax experience since 1963.
749270
Type Your Tax Question Here...
Wayne Brasch is online now
A new question is answered every 9 seconds

Upon my death, I would like to leave a piece of land (worth

Resolved Question:

Upon my death, I would like to leave a piece of land (worth about $500,000) to a friend -- not a relative. (1) What kind of tax would this individual have to pay upon receipt of this land? (2) Would any kind of tax or charge need to be paid at that time? (3) Would it be better to give him small parcels of this land over a number of years while I am still alive? In this case, What kind of tax would this individual have to pay? I am retired.
Submitted: 9 years ago.
Category: Tax
Expert:  Wayne Brasch replied 9 years ago.
If you set up a will stating that this person is to receive this land upon your death, you nor that person would owe no taxes at all on the passing of title from you to him. Property that passes to someone else under a will is not taxable income to the recipient.
Customer: replied 9 years ago.
Isn't there some sort of limit ($1,000,000) upon the sum of all donations to relatives and friends even upon death?
Expert:  Wayne Brasch replied 9 years ago.
Not in the case of a will.
Wayne Brasch and other Tax Specialists are ready to help you

Related Tax Questions