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02-23-2013, 11:00 AM
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Registered Member
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Join Date: Jun 2011
Posts: 10,076
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Question on land sale
My two sisters and own 5 acres of land with a 1980 double wide mobile home that is good condition considering its age. I have lived in this mobile home for three years. My mother deeded, actually, sold the three of us this land in 1993 for 10 dollars. She retained a life estate and lived here until her death in Feb 2010. We now want to sell this land. Since I have lived here for more than two years, I won't have to pay any tax on the sale. But what about my sisters? What taxes if any will they be required to pay on their share of the sale?
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02-23-2013, 11:02 AM
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This is still that!
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Join Date: Jul 2011
Location: Sebastian, FL
Posts: 9,884
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Re: Question on land sale
you need a real estate lawyer
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02-23-2013, 11:12 AM
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Administrator
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Join Date: Feb 2007
Posts: 13,829
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Re: Question on land sale
Quote:
Originally Posted by Originalist
My two sisters and own 5 acres of land with a 1980 double wide mobile home that is good condition considering its age. I have lived in this mobile home for three years. My mother deeded, actually, sold the three of us this land in 1993 for 10 dollars. She retained a life estate and lived here until her death in Feb 2010. We now want to sell this land. Since I have lived here for more than two years, I won't have to pay any tax on the sale. But what about my sisters? What taxes if any will they be required to pay on their share of the sale?
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The fact that you don't *have* to pay taxes doesn't mean that you shouldn't. Since you will all three be profiting from the sale equally (right?), then you should all three split the costs incurred in the sale of the house equally.
__________________
"God, send me anywhere, only go with me. Lay any burden on me, only sustain me. And sever any tie in my heart except the tie that binds my heart to Yours."
--David Livingstone
"To see no being, not God’s or any, but you also go thither,
To see no possession but you may possess it—enjoying all without labor or purchase—
abstracting the feast, yet not abstracting one particle of it;…."
--Walt Whitman, Leaves of Grass, Song of the Open Road
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02-23-2013, 11:23 AM
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Forever Loved Admin
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Join Date: Dec 2007
Location: Texas
Posts: 26,537
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Re: Question on land sale
You will have to find out how your state views this.
__________________
If my people, which are called by my name, shall humble themselves, and pray, and seek my face, and turn from their wicked ways; then will I hear from heaven, and will forgive their sin, and will heal their land.
2 Chronicles 7:14 KJV
He hath shewed thee, O man, what is good; and what doth the LORD require of thee, but to do justly, and to love mercy, and to walk humbly with thy God? Micah 6:8 KJV
Beloved, now are we the sons of God, and it doth not yet appear what we shall be: but we know that, when he shall appear, we shall be like him; for we shall see him as he is. 1 John 3:2 KJV
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02-23-2013, 11:36 AM
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Registered Member
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Join Date: Oct 2011
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Re: Question on land sale
Yes, the laws in each state are different.
I would go with Amanah's suggestion to get a real estate lawyer. Too many things can go wrong legally.
__________________
It is better to trust in the LORD than to put confidence in man. (Psalms 118:8)
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02-23-2013, 12:55 PM
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Registered Member
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Join Date: Jun 2011
Posts: 10,076
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Re: Question on land sale
Quote:
Originally Posted by MissBrattified
The fact that you don't *have* to pay taxes doesn't mean that you shouldn't. Since you will all three be profiting from the sale equally (right?), then you should all three split the costs incurred in the sale of the house equally.
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Well since I've sunk thousands of my own dollars into this place, I won't feel guilty not paying taxes.
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02-24-2013, 07:18 AM
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Join Date: Mar 2008
Location: In His Hands
Posts: 13,919
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Re: Question on land sale
Where is this property?
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"The choices we make reveal the true nature of our character."
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02-24-2013, 07:39 AM
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Registered Member
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Join Date: Jun 2011
Posts: 10,076
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Re: Question on land sale
Quote:
Originally Posted by Jermyn Davidson
Where is this property?
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Florida
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