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Updated over 10 years ago on .
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Family transfer/gift of land
Does anyone know of strategies for minimizing income taxes on intra-family land sales? I'm purchasing a portion of a family farm from my sister. We co-own the remainder interests on our father's life estate. He is still alive and well, and will convey his interest as needed. Would a gift status or any similar transactions be of benefit?
Thank you for the feedback!