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If my son gives me property will I have to pay tax on it.

If my son gives...

If my son gives me property will I have to pay tax on it

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Just wondering about tax liability if son signs over property as a gift

Accountant's Assistant: Is there anything else the Accountant should be aware of?

I am consolidating two land tracts to sell

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Answered in 5 minutes by:
3/7/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,613
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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If your son makes a gift of the property to you then you are not taxed on the gift.

Your son may have to report the gift on form 709 if it is valued at more than $15000. That is the amount for 2018 that a person can give to another and not have to report the gift.

Your son will still not owe any actual tax as long as he has not used up his lifetime allowance. That is $10mil for now.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

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Customer reply replied 1 month ago
neither of us will owe tax

You for sure would not and he would most likely not based on his $10mil lifetime allowance BUT he still has to file form 709 to show that.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,613
Experience: 15years with H & R Block. Divisional leader, Instructor
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