Can my grandmother gift me land worth $125,000 with no tax consequence to her or myself?
Asked on 11/30/11, 9:12 am
1 Answer from Attorneys
Arthur Geffen
Arthur H. Geffen, P.C.
She will need to file a gift tax return. It is for information purposes and serves to reduce the amount of the unified credit when she passes. If this is commercial property and has previously been depreciated, then she may have some income tax consequences as well.
Answered on 11/30/11, 9:21 am
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