What is the name of your state (only U.S. law)? South Dakota
When my mother died the farm land was put into a trust under her name. The trust will be dissolved when my father dies with my brother receiving 50% and my sister and I each getting 25%. According to the trust my brother has the option to purchase parcels of the land from the trust at any time for fair market value. He now wants to purchase one parcel. How should this transfer of the property be handled and when I recieve payment for my portion will I have to pay taxes on it?
When my mother died the farm land was put into a trust under her name. The trust will be dissolved when my father dies with my brother receiving 50% and my sister and I each getting 25%. According to the trust my brother has the option to purchase parcels of the land from the trust at any time for fair market value. He now wants to purchase one parcel. How should this transfer of the property be handled and when I recieve payment for my portion will I have to pay taxes on it?