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Ask Lane Your Own Question
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:


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.

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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.