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I just gave my former daughter-in-law some land in Ruidoso,

NM. I understand that...
I just gave my former daughter-in-law some land in Ruidoso, NM. I understand that I will have to pay a gift tax. Is that correct? What is the percentage? I would like to get this all figured out and finalized NOW/ What do I do next?
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Answered in 5 minutes by:
10/3/2013
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,431
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome. My name is XXXXX XXXXX it will be my pleasure to assist you with your tax question today.

 

If the land is worth more than $14,000, you will be required to REPORT the gift for 2013, but you will not owe any tax unless you have utilized your lifetime gift limit of $5,250,000.

 

Please let me know if you require further information or clarification.

 

Thank you and best regards,

Barb

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,431
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified
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I see you are now offline. Please let me know if you were able to view my answer and if you have any follow-up questions. I will be happy to assist you further.

 

Thanks.

Barb

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Just a short note to follow up with you to see if you were able to view my answer and if you have any further questions or concerns. If so, please come back to me here, and I will be happy to assist you.

Thank you and best regards,
Barb
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Customer reply replied 4 years ago

The information that you gave me sounds good. My check for $30 finalizes my obligation to you. Right?


 


Thanks

Just a short note to thank you for your positive rating which gives me credit for answering your question and closes the question out at our end. It is most appreciated.

 

In the future if you have any questions, please feel free to put "for bkb1956 or Barb" in the subject line, and I will be happy to assist you. Recommendations to family, friends and colleagues are also always appreciated.

 

Thanks again and best regards,

Barb

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Barbara
Barbara
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