Hello – hoping for some advice.
My uncle is considering gifting a bunch of hunting land to my brother and I before he dies so that a nursing home doesn’t come after it (potentially).
I have no use for hunting land so my option is to “sell” my portion to my brother for a predefined amount per acre totaling around $100k. He wouldn’t have $100k in a lump sum to pay me right away, so it would be an installment sale with little to no interest.
Trying to figure out if there’s a way for me to avoid taxes. From what I understand, if I sell the land, I would have to pay capital gains tax on it at my uncles basis, which would be very low. Could my uncle just gift all of the land to my brother, and then my brother just gift me yearly payments that don’t exceed the annual gift limit? What else should I consider?
Posted by royalvienna