Diana Greenwood
Mar 19, 2007, 07:34 PM
My stepmother was given a life estate in my father's house in TN. The house was to go to me upon her death as stated in his will. He passed on and she lived there for 25 years. She had to go to a nursing home, so she turned the house over to me through a quick claim deed.
Now, I'm thinking about one of two things. First if I sell it, I will have to pay income tax. Secondly, there is a person who wants to purchase it through a land contract. I'm very unsure about the land contract, because I'm not too familiar with it. Also, I would like to purchase another property, but if I do the land contract, I will not have the money to pay down.
Which would be to my advantage, selling it straight out, or land contract? I'm thinking in terms of having to pay income tax and, of course, the purchasing of the other property.
Now, I'm thinking about one of two things. First if I sell it, I will have to pay income tax. Secondly, there is a person who wants to purchase it through a land contract. I'm very unsure about the land contract, because I'm not too familiar with it. Also, I would like to purchase another property, but if I do the land contract, I will not have the money to pay down.
Which would be to my advantage, selling it straight out, or land contract? I'm thinking in terms of having to pay income tax and, of course, the purchasing of the other property.