Legal Question in Real Estate Law in Florida

I have a 1/8 undivided interest in some land with family members (tenancy in common). I would like to offer to sell my interest to them. What is the best way to approach them about this, structure the deal to minimize taxes, etc?


Asked on 3/14/13, 6:24 pm

1 Answer from Attorneys
Barry Stein De Cardenas, Freixas, Stein & Zachary

Your tax basis substracted from your sale amount is the basis for your tax on the sale. You have no way to structure that differently. It is a capital asset. If the property is worth a significant amount of money more than the tax basis, it sounds like you need an accountant to help you figure out what your tax impact will be.

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Answered on 3/15/13, 7:48 am


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