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-   -   Is it better to deed land to children before selling it (https://www.askmehelpdesk.com/showthread.php?t=660722)

  • May 16, 2012, 04:53 AM
    landquestion
    Is it better to deed land to children before selling it
    My mother is selling her 80 acres of farm land. She has owned it and rented it since the 1960s. It is my future inheritance. Is it better for tax purposes to add me or change the title over to me before the auction sale.
  • May 16, 2012, 05:00 AM
    ScottGem
    I'm confused. If this is your inheritance, why is she selling it? If you expect the proceeds of the sale to be your inheritance, then there is no reason to put you on the deed. And why is it going in an "auction sale".

    To put you on the deed, she would have to sell, at least, a share of the property to you.
  • May 16, 2012, 05:13 AM
    AK lawyer
    Quote:

    Originally Posted by landquestion View Post
    ... Is it better for tax purposes to add me or change the title over to me before the auction sale.

    The capital gains tax is at the same rate for either of you, so for tax purposed it doesn't matter.

    But I too am puzzled by "auction sale". Is there something you aren't telling us?

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