Q: My adult son bought my house, but not all of the acreage. What is the best way , for taxes, to give it to him.

A: If you are both patient, then will it to your son upon your death. This way, it passes to him without any negative tax consequences. It also allows you to avoid maintaining annual gifting transactions, accounting, and professional fees. Again, patience is key. If this does not fit your plans for the land, then refer to James L Arrasmith's answer.

A: To transfer the adjoining 20 acres to your son in the most tax-efficient way, you should consider gifting it to him. Gifting property can often be done without significant tax implications if the value of the land is within the annual gift tax exclusion limit, which is $16,000 per recipient as of 2022. If the land's value exceeds this amount, you may need to file a gift tax return, but you might not owe any taxes due to the lifetime gift tax exclusion.

Another approach is to gradually transfer the land over several years, using the annual gift tax exclusion limit each year. This can help minimize any potential tax burden. For instance, if the land is worth $60,000, you could gift $16,000 worth of the land each year over several years.

It's also wise to look into how this transfer could affect property taxes and ensure that all necessary documentation is filed correctly. Consulting with a tax advisor or legal professional can provide more detailed guidance tailored to your specific situation, ensuring the process goes smoothly and without unexpected tax issues.