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Tax implications of gifted/inherited property

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  • Tax implications of gifted/inherited property

    My apologies if this has been asked before.
    When I was a child and unbeknownst to me at the time , my father purchased land in a rural area under my name. He has been paying the property taxes. I want no part of this land.
    What are my options for getting rid of my claim to this property?

  • #2
    I believe all you need to do is write to the executor of the estate and disclaim the inheritance

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    • #3
      Why not just wait until your father passes away and sell it? You don't want the land, but I suspect you'd be happy with the money you'd get for it.

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      • #4
        Right, technically it is yours and you could sell it now, but just guessing that it is s big deal for your Dad to have done this for you. As long as he is paying the taxes, why worry? If he asks you to pick up financial support, well then sell it and thank him for the unexpected windfall. Better, do a tax deferred exchange to a rental property and save the capital gains.

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        • #5
          Some of the smartest and wealthiest in our country have been buying up rural land as a store of wealth. Rural land is one of Bill Gates favorite investments.

          https://agfundernews.com/bill-gates-...-farmland.html

          What are your thoughts about not owning this land? What was your father's intention when he bought it for you?

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          • #6
            Some "old farm money" lives in Chicago, This private group funds ag programs at U of I and basically finances the state 4H organization.
            Another thing they do is buy up farm land. If you know what you are doing , it can be a great long term investment. You can gift it back to him or donate or sell it.
            It is yours, not in his estate. The deed at the county courthouse is the legal owner.

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            • #7
              From the writing, it maybe an estranged relationship; hence not wanting anything to do with this property and stay arms length away, irregardless of finances.

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              • #8
                What about liability issues?

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                • #9
                  Since it is already yours, it appears this may not be a conversation you want to have with your dad. If so, just wait until he passes and sell it or give it to charity.
                  Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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                  • #10
                    Originally posted by White.Beard.Doc View Post
                    Some of the smartest and wealthiest in our country have been buying up rural land as a store of wealth. Rural land is one of Bill Gates favorite investments.

                    https://agfundernews.com/bill-gates-...-farmland.html

                    What are your thoughts about not owning this land? What was your father's intention when he bought it for you?
                    Honestly I think he was just placing property in his kid's name as a form of asset protection.

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