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 MequonCPA Your Own Question
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2342
Experience:  CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
Type Your Tax Question Here...
MequonCPA is online now
A new question is answered every 9 seconds

I am gifting a small farm worth $200,000 to my three adult

This answer was rated:

I am gifting a small farm worth $200,000 to my three adult children. How much gift tax would I owe?
Hi and welcome to JustAnswer:

There should be no gift tax due. However, you will be required to file a gift tax return (Form 709) because the gift to each child will exceed $14,000. To the extent your gift exceeds the $14K you have made a taxable gift. Even though the gift is taxable you have a lifetime exemption of $5,250,000 in taxable gifts/estate to utilize before any tax is due. You must file the form, but there will be no tax due.
MequonCPA and 2 other Tax Specialists are ready to help you