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Southern MN | Every case is different but if he has owned the property for a long time probably has no basis in it. Kids can inherit get stepped up basis and sell it with no tax penalty. Probably not a big deal in this case but many land owners don’t understand this. Recent conversation with my accountant a client of theirs sold their land to make things easier for the kids. Many 10000k (in that case) sent to the government needlessly is a hard way to learn how basis works. | |
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