A gift of land from family members

[buickspec6231]

For right now I am a tenant and rent a duplex. I hate renting as it is pretty much just throwing money out the window. My parents have offered to give me some of the land that they own to build a home on when I am ready. I am expecting that time to be in the next couple years because hopefully by the end of this summer I will be 100% debt free and can start saving up to buy a house or build. I haven't contacted a real estate lawyer yet, but I was seeing if anyone has done anything similar. My parents own 27 acres and its in an awesome location. I am not sure if they gift the land to me, do I have to pay taxes on the gift because the land technically holds a value? If I do have to pay taxes on it (which I am expecting to happen) who decides what the value of the land is? (We all know that we have bought cars from a private person and made out a fake Bill of Sale so we don't have to give the DMV more money than we have to.) Can you do this with land also? Again, I am just seeing if anyone has done anything similar and if anyone has if they can give some advice.

Thanks for taking the time to read my short novel. ~Dan

 

[PLAINWHITE T]

I may be wrong on this, but I think that parents are allowed to gift up to $12,000 in assets annually to children without it affecting their taxes-or yours. The county records should give you an idea of the assessed value.

Again, you should consult a CPA...they'd be able to tell you the tax implications for sure.

 

[injdinjn]

Like Chuck said check with a CPA

And are they going to cut off a parcel or can you have multiple houses on the 27ac. Leaving it whole and cutting off a chunk both have their advantages and disadvantages.

 

[buickspec6231]

Thanks for the input. I will be contacting a professional and the Town in the near future.

 

[S10xGN]

Hey, "Central NY"! Whereabouts? I grew up in Cobleskill...

 

[buickspec6231]

I live just outside the city of Syracuse now, but the land that my parents own is in the Town of Sennett just between Skaneateles and Auburn. Many people complain about the winters here and you know how much they can be a downer. But the other three seasons make great scenery and the Finger Lakes are awesome, so its worth it to me.

 

[S10xGN]

I live just outside the city of Syracuse now, but the land that my parents own is in the Town of Sennett just between Skaneateles and Auburn. Many people complain about the winters here and you know how much they can be a downer. But the other three seasons make great scenery and the Finger Lakes are awesome, so its worth it to me.

Yup, that's a fine area. I'd just hate to pay NY state income taxes and put up with the liberal politics. I left in '75 and don't regret it for a moment!