Not sure if this is the perfect forum to ask this question but it has got to be close.
My parents own a cabin in the woods and their plan has always been to leave it to me in their will. Now they have broached the idea of just giving it to me now so I can start making upgrades as I see fit, paying for the minimal taxes, etc. They don't want me to buy it from them, but really just want to put my name on the deed instead or "sell it to me for $1". Does that really work? Is that possible? Seems like that probably isn't on the up and up with the IRS. Anyone have any experience with some thing like this. The value is probably around $100,000. It is literally 20 acres of hunting land with a cabin that just got electricity this year and still has an outhouse. Thanks.
My parents own a cabin in the woods and their plan has always been to leave it to me in their will. Now they have broached the idea of just giving it to me now so I can start making upgrades as I see fit, paying for the minimal taxes, etc. They don't want me to buy it from them, but really just want to put my name on the deed instead or "sell it to me for $1". Does that really work? Is that possible? Seems like that probably isn't on the up and up with the IRS. Anyone have any experience with some thing like this. The value is probably around $100,000. It is literally 20 acres of hunting land with a cabin that just got electricity this year and still has an outhouse. Thanks.
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