We currently live on 12+ acres that my father-in-law owns. He wants to give us the property so that we may build a house on it. We would lik...

Question

We currently live on 12+ acres that my father-in-law owns. He wants to give us the property so that we may build a house on it. We would like to know if we will have to pay taxes on the property if he just gives it to us or is he going to be responsible? How is it decided on how much would be paid on the taxes?

Answer

There are no income taxes until you sell. Suggest you retain counsel to help in your building contracts..