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Author: tm55 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121341  
Subject: Re: Hunting Land, Inheritance, & Taxes Date: 4/23/2004 2:42 PM
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First of all, thanks for the comments.
I guess I need to clear some things up:

When he put my name on the deed I don't believe that there was any paperwork filed with the IRS concerning a gift to me. Grandpa wasn't very savvy with money.

He bought the property to enjoy it, not as an investment, he "gave" it to me because I was the only one who gave it any interest. I would rather not sell it because it does mean a great deal to me, but as I said before, it seems unfair to keep it when the money could be used for "family purposes".

I believe that he paid less than $20,000 for the land and I estimate that it is worth between 70-90,000 now. I have been paying the property tax each year for many years and I believe that the SEV is around $36,000.

It sounds like I'm in a sticky situation here.
Does anyone know of any books written in plain language that might help me out?

Also, someone suggested that I consult with "my tax consultant", I don't have a tax consultant; I've never needed one. How does one go about finding a trustworthy, reliable tax consultant?


Thanks,
Tom
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