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Old 06-23-2005, 04:05 PM
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Land

What is the name of your state? - CA

I have a relative that bought 20 acres two years ago for 200K (great timing). They are in the process of subdividing it into two 10 acre lots. They reside on one half. If they were to sell the second half to me for 250K how much would they pay on taxes? Would it be better for me to pay them 100K for the land and gift the remaining amount over a few years using the 10K per family member rule. Is that legal?
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Old 06-24-2005, 11:17 AM
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Quote:
Originally Posted by sna1rwc
What is the name of your state? - CA

I have a relative that bought 20 acres two years ago for 200K (great timing). They are in the process of subdividing it into two 10 acre lots. They reside on one half. If they were to sell the second half to me for 250K how much would they pay on taxes? Would it be better for me to pay them 100K for the land and gift the remaining amount over a few years using the 10K per family member rule. Is that legal?

**A: post on the Tax Law forum.
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