My parents want to give me the family farm which is valued around 500k. Will they have to pay gift tax or just file gift tax return? I read conflicting things and have not found lawyer in my area that handles tax law. Thanks in advance.
Asked on 2/28/12, 5:04 pm
1 Answer from Attorneys
William Prugh
Retired from Polsinelli PC
A gift of that size is reported on a gift tax return but no gift tax is due depending on the amount of gifts previously made. There are other requirements that also have to be complied with. A CPA, tax preparer or tax lawyer familiar with gift tax returns can assist you. I am happy to answer questions.
Answered on 2/29/12, 7:10 am
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