B
burnettel
Guest
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!
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!