Search results

Google Search Results Community Search Results

• 1. H

     grandchildren inherit land from grandparent but their parents' generation has a life estate in that land: what date is used for calculating FMV?

     But this is an example of a factor that was man-made and not permanent, unlike the absolute location of the land, and something that could be remediated. Another example might be a proposed change to a nearby airport's flight patterns, which would subject any future occupants of houses that...

     • henryblint
     • Post #13
     • Nov 27, 2019
     • Forum: Tax Law
  2. H

     grandchildren inherit land from grandparent but their parents' generation has a life estate in that land: what date is used for calculating FMV?

     Sorry for the confusion. I was using "assessed" in the broader sense, not as the dollar value the municipality assigned to the property for tax purposes, but I didn't necessarily mean "appraised" (i.e. as done by a paid appraiser). That hypothetical trash-dump was clearly a factor that...

     • henryblint
     • Post #12
     • Nov 27, 2019
     • Forum: Tax Law
  3. H

     grandchildren inherit land from grandparent but their parents' generation has a life estate in that land: what date is used for calculating FMV?

     Thank you for the replies. Here is a twist to the original question. Sorry if this takes the original question in a strange direction. If the FMV of the land, as assessed at the time of grandpa's death, was artificially depressed by some external factor, e.g. an adjacent property was being used...

     • henryblint
     • Post #9
     • Nov 27, 2019
     • Forum: Tax Law
  4. H

     grandchildren inherit land from grandparent but their parents' generation has a life estate in that land: what date is used for calculating FMV?

     A grandfather leaves his grandchildren some farmland, per stirpes, but gives his own children a life interest in the land. The grandchildren cannot sell the land until the testator's children have all passed on. That day comes and the grandchildren wish to sell the land. What date do the...

     • henryblint
     • Thread
     • Nov 26, 2019
     • Replies: 13
     • Forum: Tax Law