buickspec6231
Member
- Joined
- Oct 23, 2009
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
Thanks for taking the time to read my short novel. ~Dan