I'm new in this Forum and just signed in because I have an issue which I'm not being able to solve yet:
There is a small piece of land my father bouth about 40 years ago in FL. From the tax page of that county, the value is quite low, around USD 5K. We would like to transfer the ownership from my father to his heirs, my sister and I, but none of us is an american citizen and we all live abroad, father and sister in Colombia and myself in Switzerland.
So the questions are:
How do I do that, what type of professional should I contact? A realtor, a real estate attorney, a friend in Florida (have some there...) ?
I assume it is easier to do while father is still among us, right?
Any info or help is truly appreciated!
Contact a real estate attorney. Have them check the title to make sure there no problems. You should also consider getting a survey.
If transferred while he's still alive, you will receive his cost basis. In this case it may not matter much, but overall, transfers before death are a huge tax no-no. Can you imagine if it was a house he bought 40 yrs ago? You'd be in a $200,000 place for $10k. $190k of taxable gain. If you inherit it, you get it at FMV at time of inheritance.
For valuation purposes, you might get a CMA from a realtor that works in the land space. Mostly you'll need an attorney, probably an estate planning one. Hopefully they can advise about the citizenship issue as well.
Is he against just selling it? This route sounds like a lot of work and expense @Jorge Zingg .