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my mother and i are looking into transferring some of her property

Resolved Question:

my mother and i are looking into transferring some of her property to me. we are both residents of NC. one parcel of land that we're looking at transferring is in IA. the NC lawyer i spoke with mentioned that i might be liable for IA gift tax if the IA property is transferred to me. would that transfer (gift) involve an IA gift tax?
Submitted: 4 years ago.
Category: Tax
Expert:  CourtneyLawGrp replied 4 years ago.
Hello, I am happy to assist you today.

Yes, there would be a gift tax. Or she can sell it to you and you can pay for it, and then she will be liable for profit.

Customer: replied 4 years ago.
what is the gift tax rate in IA and how would i go about paying it?
Expert:  CourtneyLawGrp replied 4 years ago.
I am sending your question to the CPAs who i think can help you better.
CourtneyLawGrp and 3 other Tax Specialists are ready to help you

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