Gifting land in Georgia

My parents own outright a house which sits upon 18 acres in Georgia and wish to gift it to me. Besides the annual property taxes, are there any other taxes or fees that would have to be paid by either my parents or myself in gifting this property to me?

They would need to file a gift tax return. Provided they've not gifted away $1 mil there is no federal gift tax due. There's no Georgia state gift tax.

There's a property transfer tax in Georgia but gifts are exempt.

You'll probably have to pay a small fee to record the deed.

Frankly, I'd have a lawyer make sure you file things right so that the exemption applies. I'd also recommend owner's title insurance.

Hopefully your parents are well off enough that they won't need the property or the services of medicaid in the next ten years and you don't mind picking up their low basis.

gift pt2

would the same hold true about the gift rule if one property is in GA with a house on it and the other in FL vacant land?

My answers were for both of you residing and the property being in Georgia. However, it appears that the transfer rules in Florida also do not charge you a documentary stamp tax (what they call the transfer tax) when no consideration (money changing hands, trade of property, discharge of loan, etc...). Even if it were, it seems to be capped out at $2450.

Again, I'd get a lawyer down in whatever county the property is located in to prepare the deed and obtain insurance.