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39.48, -82.98 | It's always best to talk to an attorney specializing in real estate...for your state, as the law can vary.
It is my understanding that under a contract-for-deed (land contract) sale, the seller has the election of recognizing all gains in the year of the sale...or spread out over the life of the contract, as he relinquishes ownership. The same applies to a private sale where the seller takes back a mortgage from the buyer...IOW, so long as an outside lender is not involved. | |
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What other means exist to defer gains tax on land other than a 1031?
