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Central IL | My Parents have Owned a Small Farm Next to My Farm for about 50 years. I would like to purchase it and they would like to sell it. It has a good location to build a pond as well as an ideal Bin and Machine Shed/Shop Location. The obvious problem is the capital gains tax on 50 years of land appreciation. Would it be possible for me to act as a bank and purchase a reverse mortgage from them thereby avoiding the capital gains? They would put the funds into an account for their estate so they would likely never be taxed. Does that idea make any sense? | |
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Another Reverse Mortgage Question
