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Under Federal Law, your aunt's cost basis for the land is its fair market value usually on the date of death of the person she inherited it from. Appraisers in the area should be able to come up with a figure for you based on other similar land sales nearby in that time frame.

If she inherited the land recently, the capital gains due on selling the land could be minimal.

As to selling the land to a relative, you might want to get the advice of a tax expert. If the land is worth far more than $70K, yes, there probably are potential penalties. And there are indeed limits on how much she can gift each year without triggering gift tax. But a tax expert can help. Often the property is owned in shares, and she would be able to gift a share every year. She can also sell it for a downpayment and then take a mortgage and forgive a protion of the mortgage each year.
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