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Hi,
If a family sells property, acreage with no improvements on it, and three children are going to split the proceeds, what IRS form needs to be filled out and delivered to the three and to the IRS?
Also, do they then divide by three the basis of the property based on the year they inherited it, in order to subtract that from their third of the proceeds, to get their profit?
Thanks,
RB
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Inheriting doesn't happen unless someone dies. You aren't describing that.
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I figured that was inherent. Someone died, left the kids land some years ago. They are now selling it.
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If a family sells property, acreage with no improvements on it, and three children are going to split the proceeds, what IRS form needs to be filled out and delivered to the three and to the IRS?
How will be/was the title of the property held at the time of the sale of the property? Is it still in the name of the estate or has it been re-titled and is/was held in the name of the 3 children?
The answer is that eventually it will probably need to be reported on Schedule D, but how it gets there could be different, depending on how the title is/was held at the time of the sale.
AJ
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I figured that was inherent. Someone died, left the kids land some years ago. They are now selling it.
Not clear at all but aj can handle it.
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How will be/was the title of the property held at the time of the sale of the property? Is it still in the name of the estate or has it been re-titled and is/was held in the name of the 3 children?
There could also be a trust involved rather than an estate. Or some kind of partnership.
--Peter
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Thanks AJ, I'll get more info and get back to you.
