P
pmenke
Guest
My father and stepmother would like to gift a cabin property to their five children (me included),in the state of Minnesota.
And the idea is that two of us would purchase the three other shares from the other children. I'm trying to figure out if there is a best way to negotiate such a transaction… i.e. avoiding any capitals gains for anybody, giving the cabin to the two of us and then we pay off the others, etc., etc.? Any thoughts?
The state has the property valued at $37,000 for tax assessment. It would probably sell between $50-70,000 on the market.
And the idea is that two of us would purchase the three other shares from the other children. I'm trying to figure out if there is a best way to negotiate such a transaction… i.e. avoiding any capitals gains for anybody, giving the cabin to the two of us and then we pay off the others, etc., etc.? Any thoughts?
The state has the property valued at $37,000 for tax assessment. It would probably sell between $50-70,000 on the market.