My parents own a tiny plot in Fort Worth that they are gifting to me. Unfortunately the plot is too small to build on.A holding company, JH, owns all of the surrounding undeveloped lots. The street and the alley present problems for further development so JH and I have submitted the paperwork to vacate the alley in to our ownership.During discussions, JH has agreed to swap titles. Our small lot plus the alley to swap with a nearby lot that is ready to build. It looks like a good deal for us. We get a build able lot. Our tiny lot plus the alley completes a large rectangle for JH. The trade seems fair but is advantageous to us.The Questions: What are the tax implications of a title swap?What are the tax implications of gifting property? Does it make more sense to purchase the lot at a bargain price; will this set the value at that low price?I don’t really understand where to research or how to find answers to these questions.Any suggestions and cautions are greatly appreciated.