I have a 1/8 undivided interest in some land with family members (tenancy in common). I would like to offer to sell my interest to them. What is the best way to approach them about this, structure the deal to minimize taxes, etc?
Answer
Your tax basis substracted from your sale amount is the basis for your tax on the sale. You have no way to structure that differently. It is a capital asset. If the property is worth a significant amount of money more than the tax basis, it sounds like you need an accountant to help you figure out what your tax impact will be.
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