edengonzalez
Junior Member
What is the name of your state?Nevada
My husband and I are gifting a peice of property to his father the value is over the 11,000 each that we can give to him, so we are filing a gift tax return, my question is do we need to get and appraisal of the property before we gift it to him so that we know how much to claim on our gift tax return for 2005? (which we would file in 2006 tax time) or is it just a guess at how much the property is worth?
Thanks
My husband and I are gifting a peice of property to his father the value is over the 11,000 each that we can give to him, so we are filing a gift tax return, my question is do we need to get and appraisal of the property before we gift it to him so that we know how much to claim on our gift tax return for 2005? (which we would file in 2006 tax time) or is it just a guess at how much the property is worth?
Thanks