can i buy my parent's land in georgiamy parents own land in georgia, which resides in a revocable trust. they would like to pull it out of ...

Question

can i buy my parent's land in georgia

my parents own land in georgia, which resides in a revocable trust. they would like to pull it out of the trust and sell it to me. what are the tax advantages/disadvantages of them selling it to me. say they paid 50k for it, and it is worth 1 million. what is the best way for them to sell this to me without either of us losing it all to taxes... and who pays what?

Answer

Re: can i buy my parent's land in georgia

I doubt that many attorneys in this forum do tax work and can answer your question. For my clients who have tax issues, I work closely with a CPA who handles those. If you would like a referral to him (he is in GA), please advise.