P
P-Nutz
Guest
I am receiving a 1/2 acre lot of land as a gift from my Grandmother. The land is located in Greenwich, Connecticut. There is no house or any other permanent structure located on the land. The land has not yet been appraised, but I expect the the FMV to be around $200,000. My question is: In order to obtain legal ownership of the land do I need to pay gift tax?
I have received conflicting reports - some say yes, others say no. According to the research that I have done, I calculate that I will owe the Federal Gov't $62,300 (I used the Federal Gift Tax Table for property ranging from $150K - $250K) The tax of the first $150K = $38,800 + (the remaining $50K x 32%) or $38,800 + $16,000 for a total of $62,300. Any advice is greated appreciated.
Thanks,
Pete.
I have received conflicting reports - some say yes, others say no. According to the research that I have done, I calculate that I will owe the Federal Gov't $62,300 (I used the Federal Gift Tax Table for property ranging from $150K - $250K) The tax of the first $150K = $38,800 + (the remaining $50K x 32%) or $38,800 + $16,000 for a total of $62,300. Any advice is greated appreciated.
Thanks,
Pete.