Tax Question about inherited property

[Billy Johnson]

My sisters and I inherited 34 acres in Florida when our mother passed. The property is in all three of our names. I placed a mobile home on the property as my primary residence about a year ago. I am currently thinking about my sister’s buying me out of my third of the property and the home as well. Can any one advise me on what my tax implications are in doing this or give me a strategy to lessen the tax implications. 

[Janet Behm]

The first bit of advice: CHECK WITH YOUR TAX PRO. 

Everybody's circumstances are different. Each sibling has their own agenda.

A popular way to sell real estate, is owner financing. CHECK WITH YOUR REAL ESTATE ATTORNEY. Contracts are complicated. 

The primary benefit of seller financing in your case is: You can take small payments over many years, so you tax obligation doesn't take a big hit. 

The primary benefit of to your buyer is negotiating a fair price and a manageable payment schedule. 

Good Luck!