All Forum Posts by: Dustin DeSmith

Keep up the progress, you'll find BP a great place for information and a good community.

Keep it up, good job.

Welcome.

Welcome, always nice to see another fairly local investor. I have spent a lot of time in the EC area.

Welcome

Welcome, you will find a ton of information here, Happy investing

congrats on the purchase.

Welcome and happy investing.

I always feel bad for locals during events, but let them enjoy our money we blow. 

If she deeds you the property then you will be at her basis, lets say she paid $25,000 years ago and now its worth $100,000 you sell it out right you get taxed on on the 25k she paid instead of the profit over the 100k, now if her net worth is under 5 million she can use some of her uniform estate tax credit to not have gift tax. But if she is selling them to you just have her owner finance and let her enjoy the income. 

also if you use the tax credit then make sure you talk to an estate planning attorney as I am not a attorney, nor do I play one on tv, and I know I didn't stay in a holiday express last night, lol

If you inherit them no taxes unless she has a "large" estate. About 5million I think. She can deed them to you but then you miss out on the stepped up basis when you sell, unless you 1031 exchange them. Or you can buy them and she can owner finance. 

Side note I try to hit Iola in July for the car show.