Posted 1/5/2019 19:15 (#7222996 - in reply to #7222981) Subject: RE: Looking for ideas on buying lanlords farm
Eastern Half of Ohio
I am hoping Jake responds because I can answer part of your question but not all of it. The option payment is taxable if it were to be exercised or expired prior to the older gentleman's death. What I don't know is if his estate would be required to pay taxes upon exercising the option. Hopefully we hear back from Jake.
The buyer in this case would add the option premium to his basis in the land.
Looking for ideas on buying lanlords farm
