gifting land

[kimberly724]

What is the name of your state?What is the name of your state? PA

My husbands grandmother has land that she wants to gift over to us so that we can build a house, I know that the gifting limit is like $11,000 but does that mean if the land is worth more then that can she split it between us? and if so does it have to be on two different deeds? does the land have to be surveyed and appraised, even if it is already on a deed by itself? and my last question is are there a lot of costs involved in this? Sorry don't really know anything about this.

 

[efflandt]

The $11k is from or to each person. Since a couple can give $22k, I imagine a couple can receive $22k. But there is also a unified lifetime exclusion. See:

http://www.irs.gov/businesses/small/article/0,,id=108141,00.html

http://www.irs.gov/publications/p950/ar01.html