Selling land that was an inheritance/gift

[pgb06]

Background: My grandmother gave my mother and aunts property that is to be their share of her estate when she passes on (my uncle gets the house).

My mother put her share in my name due to health reasons and did not want to pass on first causing a family feud. (My aunts/uncle would fight if it was in her name and she passes first.)

Legally I know the land is mine. My mother is ready to sell her property. How will this effect me as for as taxes since I'm really the one selling it (approx. $34,000)? This is in Georgia.

Thanks

 

[stratus]

If the land that you and your aunts own is on a separate parcel than the house then all you will need to do is get their agreements in writing and put it on the market.

If the house and land are on the same parcel then the only way to sell is if the house is included in the sale which is no problem as long as everyone is in agreement. However, if any party is refusing to sell their interest you will need to hire an attorney and file a sale for division action.

As far as tax implications you will most likely need to pay your ownership interest percentage of capital gains taxes once the property is sold.

 

[pgb06]

All the land is separate and in the rightful owner names. I wasn't sure since it was a "gift" and under $50,000 if taxes had to be paid when sold.

Thanks for your reply.

 

[stratus]

Your welcome, and you may be right about the gift. I would consult a tax man.