Legal Question in Tax Law in Missouri

My parents want to give me the family farm which is valued around 500k. Will they have to pay gift tax or just file gift tax return? I read conflicting things and have not found lawyer in my area that handles tax law. Thanks in advance.


Asked on 2/28/12, 5:04 pm

1 Answer from Attorneys

William Prugh Retired from Polsinelli PC

A gift of that size is reported on a gift tax return but no gift tax is due depending on the amount of gifts previously made. There are other requirements that also have to be complied with. A CPA, tax preparer or tax lawyer familiar with gift tax returns can assist you. I am happy to answer questions.

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Answered on 2/29/12, 7:10 am


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