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MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2342
Experience:  CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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I am gifting a small farm worth $200,000 to my three adult

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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.
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