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re: Buying a lot by owner and not financing, help
Posted on 4/21/13 at 10:55 am to GEAUX DJ!
Posted on 4/21/13 at 10:55 am to GEAUX DJ!
So back to my original post, the guy now tells me the land was donated to him and hes scared that he will have to pay taxes in the end, like a lot of taxes on the property. Does anyone know how this works on his end and if he will have to cough up to pay?
2
Posted on 4/21/13 at 11:59 am to GEAUX DJ!
If the seller acquired the property as a gift, then the seller's basis in the property is whatever the donor's basis was at the time of the gift. The seller should ask the donor how much the donor had invested in the property. He might not have any tax issues to worry about.
Posted on 4/21/13 at 12:10 pm to GEAUX DJ!
Was the seller holding this property as an investment? does he plan on replacing the property with another investment property? If so, he may be able to defer any capital gains in the property by doing a 1031 exchange.
Sounds like you are doing all the work for him to sell his property. You may advise him to talk to a cpa or real estate attorney to determine, as poodle said, what is basis is and what taxes he may incur.
Sounds like you are doing all the work for him to sell his property. You may advise him to talk to a cpa or real estate attorney to determine, as poodle said, what is basis is and what taxes he may incur.
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