My mother passed away Dec 30, 2008. At the time of her death my brother and I inherited her share in her family farm. There were originally 7 siblings with one passing away and his share sold and purchased by one of my uncles.
1. In March 09 there was a distribution made to my father for 2007 crops noted as final payment. Does it matter when these crops were sold and where the money was placed before distribution in 2009? If not, should the distribution gone to my father who is still alive or my brother and myself since we became the partners in 2009? What kind of income tax liability if any does my father have if that was the proper distribution?
2. How are the figures determined for the schd k-1? I show net rental real estate income in line 2 and and a small credit deduction amount in line 13. Partner's share of profit loss and capital is 7.15% or 1/2 of that split between my brother and myself.
3. If we wanted to sell our share this year, what are the options in doing so? Offering to existing family members and if they do not want it what would happen? I assume an appraisal shold be made of the land either way and if sold, what do I do with the proceeds to avoid the most tax liability?
1. In March 09 there was a distribution made to my father for 2007 crops noted as final payment. Does it matter when these crops were sold and where the money was placed before distribution in 2009? If not, should the distribution gone to my father who is still alive or my brother and myself since we became the partners in 2009? What kind of income tax liability if any does my father have if that was the proper distribution?
2. How are the figures determined for the schd k-1? I show net rental real estate income in line 2 and and a small credit deduction amount in line 13. Partner's share of profit loss and capital is 7.15% or 1/2 of that split between my brother and myself.
3. If we wanted to sell our share this year, what are the options in doing so? Offering to existing family members and if they do not want it what would happen? I assume an appraisal shold be made of the land either way and if sold, what do I do with the proceeds to avoid the most tax liability?
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