Best way to transfer free & clear land from Parents

[James Perez]

Hi all,

I'm posting this in off topic because it's not specifically about investing but it is about real estate.

My parents have about 3 acres of a 23 acre property they want to give to me. They own the land free & clear, as it was inherited about 20 years ago. My question is, can they just gift this land to me and, if so, what are the tax implications if they do that? Or, should we transfer it as a sale, for let's say $1, and what are the plus/minuses for doing it that way?

Not exactly sure what the land is worth, probably around $15K-$20k per acre. So I figured this would exceed the $13,000 (i think) gift limit.

Any input would be appreciated (no pun intended).