Gifting

[TaxLadyinPA]

Taxpayer and spouse want to gift some land to spouse's son so he can build his home.

I say that they need an appraisal from a Realtor to find the FMV of the land.

Then they can each gift $ 12,000 worth of land to the spouse's son making a total of $ 24,000 worth of land gifted to the son.


They contacted a lawyer and he tells them that they can only gift $ 12,000 as a gift from the spouse to the son. That the taxpayer cannot give a gift to his step-son because he is not blood related.

Where did that come from ? I've read and re-read and I see no place at all that states you can only give a gift to a blood relative.

But who am I to argue with a lawyer .... they are so much smarter than me *ugh*
Where does it say this???

Thanks for your responses.

[Davc]

Horse manure retains it's character regardless of the perceived credentials of the horse. If son's married they can transfer 48K between the couples.

[TaxLadyinPA]

OMG LOL Davc

After picking myself up off the floor from laughing so hard until my sides hurt ...

May I quote you on that remark to my clients ??

I told my husband and he chuckled and said you were to polite with your wording. I had to remind him this was not a naughty board and you were not allowed to swear.

Thank you for your response, it sure gave me some needed laughter.

[ecb34691]

You should tell the lawyer - "I don't practice law and you shouldn't practice in taxes".

[Davc]

May I quote you on that remark to my clients ??

Certainly. You can make a bumper sticker if you want.

[Questionguy101]

Another example to prove that a lawyer is not always right. (smiling face)