What taxes do I have to pay if I want to gift my son my land? How? 6 Answers as of July 09, 2015

I'm planning on giving my son some land to built a house on. Is there taxes to be paid on the giving of some land?

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Law Offices of Robert Beatson II | Robert Beatson II
Dear Sir/Madam, The facts need to be carefully reviewed and analyzed.
Answer Applies to: Maryland
Replied: 7/9/2015
Vandervoort, Christ & Fisher, P.C. | James E. Reed
There will be no taxes unless the land is extremely valuable (more than $5 million). Depending on the value of the land, you might need to file a gift tax return, but no gift taxes will be due.
Answer Applies to: Michigan
Replied: 6/17/2015
Ronald K. Nims LLC | Ronald K. Nims
It depends on how much land. You can give tax free gifts under the annual gift exclusion of $14,000 per year per beneficiary (so if it's two married couples - Dad gives Son $14,000, Dad gives Daughter-in-law $14,000, Mom gives Son $14,000, Mom gives Daughter-in-law $14,000 for a total of $56,000 a year). In additional there is a lifetime exemption that total $5,430,000 for all gifts over the annual exclusion to all beneficiaries. So unless you're thinking of giving him more than 100,000 acres of Montana pasture, 1,000 acres of Ohio farmland or 1/10th of an acre in Manhattan; you can probably do with without incurring any gift taxes.
Answer Applies to: Ohio
Replied: 6/17/2015
Irsfeld, Irsfeld & Younger LLP | Norman H. Green
If the land is worth more than $14,000 you will need to file a gift tax return. If you have not been required to file a gift tax return in the past, then you will owe no tax unless its value is greater than $5.43 million
Answer Applies to: California
Replied: 6/16/2015
Polsinelli Shughart PC | William B. Prugh
A gift is subject to a large exemption (in excess of $5.3 million), so no gift tax will apply to a gift below that amount. A tax return may still be required to report the gift even if no tax is due. Check with a tax preparer or the IRS web page at www.irs.gov for more information and details. You may also speak with a tax preparer about other ways to handle the transfer that may benefit you rather than a flat gift.
Answer Applies to: Missouri
Replied: 6/16/2015
    Robert E. Giffin | Robert E. Giffin CPA
    You made need to file a Federal Gift Tax Return if the value of the gift is more than $14,000. or $28,000. If you are married and make a joint gift.
    Answer Applies to: Ohio
    Replied: 6/16/2015
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