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Real Estate Tax ?

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finster77

Guest
What is the name of your state? New York

My father owns 25 acres. What is the best way for him to carve out four acres for me. Should he sell it to me for $1.00 or make it a gift? He is retired and I want to make as easy and cheap for him as possible.
 


abezon

Senior Member
Just give it to you & file a form 706 - gift tax return. The first $11,000 of property has no effect; the rest reduces his eventual estate tax credit.
 

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