arlieedwards
Junior Member
What is the name of your state? Texas.
I realize that according to IRS rules, we can now give anyone $12,000 per year tax free, However, I want to gift my son and his wife and family a farm in Texas. Are there any gift tax implications for the Sate of Texas?
In additioin, for IRS reasons, I plan to have the property appraised and will give my son, his wife and each of their infant children $12,000 each per year. The wife will do the same for a total of $96,000 per year from the two of us to the 4 of them each year until the place is completely given to them. Would that plan have any detrimental implications on the state tax end of it?
Arlie EdwardsWhat is the name of your state? Texas
I realize that according to IRS rules, we can now give anyone $12,000 per year tax free, However, I want to gift my son and his wife and family a farm in Texas. Are there any gift tax implications for the Sate of Texas?
In additioin, for IRS reasons, I plan to have the property appraised and will give my son, his wife and each of their infant children $12,000 each per year. The wife will do the same for a total of $96,000 per year from the two of us to the 4 of them each year until the place is completely given to them. Would that plan have any detrimental implications on the state tax end of it?
Arlie EdwardsWhat is the name of your state? Texas