Legal Question in Real Estate Law in Florida
a relative want to give a piece of land as a gift. value at $35,000.00, what will be my
tax obligations if any?
Asked on 10/06/09, 5:24 pm
1 Answer from Attorneys
Richard Stoffels
Stoffels Law Group
the relative will be required to file a form 709 (gift tax return), and if he/she does not, then you are obligated to file one. In most cases the form 709 does not require a cash payment of taxes, but does reduce what the donor can leave upon his/her death without estate taxes.
The donor should consult his/her tax advisor regarding this.
Answered on 10/06/09, 6:10 pm
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