Updated almost 5 years ago on . Most recent reply
Capital Gains on Inherited Property 15 Yrs Ago
Hello BPers. I have a guy that is selling his property he inherited from his grandfather (found it by driving for dollars). He passed about 15 years ago and the house has been vacant the entire time. It’s on 3 acres with a single wide to the side (also very distressed-probably needs to be hauled off). He has been looking into the capital gains and not very happy. I understand the house is adjusted at the time of inheriting it. What is different from the other questions on this topic is that the property itself is in rough shape. I would have to do a complete rehab, including a new HVAC unit. If owner financing were to be utilized, since the house needs so much, would this not offset some, if not all capital gains? I know the land has increased in value, but the structures definitely do not add to it as a normal, upkept property would. Thanks for any direction. Just looking for more options to persuade the seller into owner financing.