Posted on: 05th Mar, 2011 01:58 pm
my husband and i did a quit claim deed on 40 acres of undeveloped land to our four grown children. do we have to report this to the irs
Hi PMHodel,
If it was a gift transfer, then you will have to report this to the IRS and you'll be liable for paying gift taxes.
If it was a gift transfer, then you will have to report this to the IRS and you'll be liable for paying gift taxes.