I own 1 acre and want to lease part of it
My parents own 1 acre. There is a good 1/4 of that land that isn’t being used for anything but holding trailers for a family member in which he pays almost nothing for. It can be modified for more usage if we move the fending around.
I don’t want to disrupt this exchange of money by being legalistic, I Just thought there is a way to transfer the property into a legal entity and start to take advantage of those tax benefits!
Can anyone shed light on this for me?