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linkpan
Guest
Iowa - My father owns 15 acres in Iowa with a small home and a couple of out buildings (no liens or mortgages involved). He has lived there for over 35 years. He rents part of the land seasonally for ag purposes (corn). There has likely been a significant increase in the value of the property, at least it has become the subject of several purchase offers for further development in the area. As things stand now, I will inherit the property under my father's will. I do not intend to sell the property, but plan to someday move back and reside there. I am concerned about tax consequences. We are considering whether a gift of the property now would be better, or whether I should simply purchase the property from him now and have him reserve a life estate. If I purchase it, are there any issues associated with what the purchase price should be? Can you help me assess what the potential tax and other legal consequences will be to me and to my father if we take any of these three routes?
Thank you.
Thank you.