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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12690
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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In 2015 I gave my son 2.8 acres of land, value according to

Customer Question

In 2015 I gave my son 2.8 acres of land, value according to county property tax rolls was 24,064.00. Can I file an amended return for 2015 and will my son be liable for taxes on this give?
JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?
Customer: Not that I can think of
Submitted: 9 months ago.
Category: Tax
Expert:  Lane replied 9 months ago.

Hi, My name's Lane

...

Gifts aren't taxable to the receiver. And they are not deductible to the giver.

...

You can see that in the tax code here: https://www.law.cornell.edu/uscode/text/26/102

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there CAN be a gift tax ( a transfer tax paid by the giver) but there's no GIFT or inheritance (the final gift) tax until the giver has given away over $5,450,000.

Expert:  Lane replied 9 months ago.

Please let me know if you have ANY questions at all, before rating me

But if this has helped, and you don’t have other questions, I would appreciate a positive rating (using those stars on your screen – and clicking submit)

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Thanks,

Lane

I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.