[lray882]

When My mother died last year us 5 children inherited a farm. It was apprasied at 325,000 for the estate. We agreed on on 350,000. I bought the other 4 children out (4/5 of 350,000). The attorney says I must show a purchase price of 350,000 when I record the deed to set my basis for any future sale of the property. I am allowed to show a purchase of price of 4/5 which is 280,000 and is what I paid since I inherit 1/5. To record the deed it cost 1,300 at 350,000 purchase. The recording price for 280,000 is 1,000. Is he correct or can I claim 350,000 basis if I record the deed at 280000?

[tickle]

No, you have to record the deed for the amount the farm is worth, 350,000. You are investing in your future by paying the fee of l300. Consider it a good investment as you will find out somewhere down the line when you want to sell.