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Non-Cattle Specific Topics
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Need legal advice on Family Ranch Land
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<blockquote data-quote="Rafter S" data-source="post: 1159903" data-attributes="member: 21194"><p>I'm not saying don't do this, but keep in mind that if you give it to them before you die, then if they ever do have to sell it they'll pay taxes on the difference between what it was worth when <strong><em>you</em></strong> got it and what they sell it for. If you give it to them in your will, and they have to sell, they will be taxed on the increase from when they acquired it, which will almost certainly be considerably less. That's the situation I'm in. My father divided his estate between me and my sister before he died, and while I don't plan on ever selling, the tax bill will be significant if I ever do (he got it around 1970).</p></blockquote><p></p>
[QUOTE="Rafter S, post: 1159903, member: 21194"] I'm not saying don't do this, but keep in mind that if you give it to them before you die, then if they ever do have to sell it they'll pay taxes on the difference between what it was worth when [b][i]you[/i][/b] got it and what they sell it for. If you give it to them in your will, and they have to sell, they will be taxed on the increase from when they acquired it, which will almost certainly be considerably less. That's the situation I'm in. My father divided his estate between me and my sister before he died, and while I don't plan on ever selling, the tax bill will be significant if I ever do (he got it around 1970). [/QUOTE]
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Need legal advice on Family Ranch Land
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