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gift tax?

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edengonzalez

Junior Member
What is the name of your state? nevada

What is the gift tax amount on something that is about worth about $75000?

I posted on the real estate forum and was directed here by them.
 


edengonzalez

Junior Member
a little more info

state nevada
my husband and I own vacant land out right. we would like to give it to his father who is 68. and still working 2 full time jobs. so that he can sell it in a few years to retire on. What kind of gift tax would we pay? or do we just file a gift tax return and have some sort of tax free allownce? when he sel ssit will hehave to pay capital gains or is there some kind of endof life exemption clause he can take advantage of? th FMV is about 80K
 

tdavidl

Member
depends. have you used up your unified credit ? if not, use it & pay not tax.

if your the recipient, no tax on gifts received.
 

tdavidl

Member
you can gift upto $11k to an individual per year which is exempt from the gift tax filing, $22k per year if a joint gift (i.e. in this case, you & your husband gift together). these were 2004 amounts, they may have gone up in 2005.

so in this case, consider gifitng your dad a 1/3 interest this year, 1/3 in 2006, 1/3 in 2007. becuase of minority interest gifting issues these 1/3rds gifts would probably be valued less then $22k & therefore, no gift tax return required.

otherwise, you can gift it all in 2005, file a gift t/r & use $58k of your unified credit & not pay any gift tax.
 

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