Gift of Land from Parents

What is the name of your state? Tennessee
My mother and father in law want to give my wife and I land for us to build a house on. The land has a market value of $98,000. I understand from information at your site that they are entitled to an exclusion of $22,000 (my wife and I) but I don't understand about the lifetime exclusion. They don't pay the gift tax until their gifts have totaled $1,000,000??? If they have to pay a gift tax how is it determined? There are three listings of the value of the land on the tax form, one market value, use value and farm land. Can we choose which one we prefer to use? If, for purposes of the gift tax, they are limited to market value, how much will the gift tax cost and when is it due to be paid? Neither my in-laws nor my wife and I have much money, what money we do have is to build our home.
HELP!

The can each give each of you $11,000. For 2 donors & 2 recipients, that's $44,000. The "taxable" gift would be $98,000 - $44,000 = $54,000. Use the market value, which is also the use value.

Farm value is a special valuation that values farms at a lower rate because the land is not being put to its highest use. For an example, consider an 80 acre farm that's just been annexed to a city. An 80-acre farm is worth about $400,000 in my area. After annexation, the land is now zoned for residential use, 4 houses per acre. Each lot would be worth $50,000. (Total $1,600,000) Farm use valuation lets you use the $400,000 value for estate & gift tax purposes, as long as you are farming the land. If you stop farming, the land gets valued at its highest use value of $1,600,000. Clear as mud?

The easiest way to avoid the valuation issue is for them to give you cash & you use the cash to buy the land.