Q: My parents would like to gift us their extra vacant lot. How do we go about this to avoid any taxes if possible? The value for tax purposes is $9,000.00
A: There would be no taxes owed if the gift is valued at less than $12,000. Since this is land, you may want to have an appraisal, so you can prove (if necessary) the value to the IRS. After that, they can use a Quit Claim Deed. I sell one on ThinkGlink.com (check out the ThinkGlink store) or you can buy one in a local stationary store.
Published: Oct 15, 2006