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| Yup. His advice would accomplish this; transfer the asset, (along with its low basis), to his children. HE escapes the taxes from selling himself and removes from probate and possible federal and/or state estate taxes. But all he did was transfer the tax liability to his children, whom he admitted were already making more money than him. The result; possibly even higher tax bill than if he’d sold it himself, and wrote the kids a check with what’s left. The ideal timing of such a goal would be to treat the sale like a Roth IRA conversion in the OP’s name in a loss year, possibly escaping the tax bill completely.
Edited by Boone & Crockett 8/20/2026 07:41
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- Selling a piece of land,then giving proceeds to adult children,,, - MaineFarmer : 8/19/2026 17:03
- RE: Selling a piece of land,then giving proceeds to adult children,,, - David : 8/19/2026 17:08
- RE: Selling a piece of land,then giving proceeds to adult children,,, - Boone & Crockett : 8/19/2026 19:05
- RE: Selling a piece of land,then giving proceeds to adult children,,, - 2TrakR : 8/19/2026 19:41
- RE: Selling a piece of land,then giving proceeds to adult children,,, - r82230 : 8/19/2026 21:13
- RE: Selling a piece of land,then giving proceeds to adult children,,, - jdeere562 : 8/19/2026 21:40
- RE: Selling a piece of land,then giving proceeds to adult children,,, - dko_scOH : 8/19/2026 21:46
- RE: Selling a piece of land,then giving proceeds to adult children,,, - David : 8/20/2026 06:09
- RE: Selling a piece of land,then giving proceeds to adult children,,, - Slugbait : 8/20/2026 08:13
- gift tax and capital gains tax rate - John Burns : 8/20/2026 08:18
- RE: Selling a piece of land,then giving proceeds to adult children,,, - hinfarm : 8/20/2026 09:16
- RE: Selling a piece of land,then giving proceeds to adult children,,, - Pinestrawfarm : 8/20/2026 11:14
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Selling a piece of land,then giving proceeds to adult children,,,
