What is the name of your state (only U.S. law)? Alabama
My mother has transferred land to us (my husband and I) after the death of my father. This is farm land that is separate from her home site that she still owns and lives on. Dad passed in Nov, 2009 and the land was transferred to us in mid 2010. The land is about 4 acres and worth around $20k to $25k.
Do we need to report this on our 2010 taxes, and if so, then what is the best way to do this? Do we need to establish and document current value in case we need to sell or transfer the property in the future? Would there be any gift tax, or inheritance taxes due on it now, or would that take effect later? We are both 56, if that matters.
My mother has transferred land to us (my husband and I) after the death of my father. This is farm land that is separate from her home site that she still owns and lives on. Dad passed in Nov, 2009 and the land was transferred to us in mid 2010. The land is about 4 acres and worth around $20k to $25k.
Do we need to report this on our 2010 taxes, and if so, then what is the best way to do this? Do we need to establish and document current value in case we need to sell or transfer the property in the future? Would there be any gift tax, or inheritance taxes due on it now, or would that take effect later? We are both 56, if that matters.