My in-laws have a piece of land that I am interested in purchasing. I am trying to figure out if there is a more tax friendly means of doing so rather than an outright purchase. If they "gifted" me a percentage of the property then I believe I would have to pay some sort of taxes on the value of the land (if over the 14k limit - which it would certainly be). If I (or anyone else) bought it outright then they would be subject to taxes on the sale.
I'm trying to figure out a way to do it (legally of course) where we both may benefit. They can sell/gift/whatever to me, and I can get the land for a little bit better deal.
Any ideas? Am I wrong anywhere so far?
I'm trying to figure out a way to do it (legally of course) where we both may benefit. They can sell/gift/whatever to me, and I can get the land for a little bit better deal.
Any ideas? Am I wrong anywhere so far?