Selling Inherited Property In Alabama

[Micki Ray Harper]

Good morning to all,

My husband received 25 acres of land/house (life estate) after his mother passed away in 2023. The house is in disrepair.  Last year's tax appraisal was approx. $120,000 although we knew it was worth more.  The property is located right off a very busy interstate in a location that has seen lots of business growth in just 4 years.  He was recently approached about selling the land as a travel center is highly interested in building on the site.  I have enough knowledge to know we must hire a CPA to help us navigate the tax implications, etc. Unfortunately, we have been unable to find one as of yet.  The property has never had any type of appraisal other than the tax assessment appraisal.   Should we get an appraisal now and if so, can an approximate appraisal amount be given for the value of the property at the time of his mother's death?  Should there be anything else we may need to do prior to the sale of the land?  Again, we are looking for a CPA/Financial Advisor.

Thanks in advance for any insight!!

[Michael S.]

@Micki Ray Harper - I would contact 2 different commercial real estate agents that work in the area where the land is located, and have them give you feedback on what they think it is worth, choose whichever agent you like better, and have them negotiate on your behalf with the buyer, rather than doing it yourself.  Sure, they will take a commission, but it sounds like you will probably make more on the sale after commission then if you try to handle this alone.  Sure, a CPA can advise you on tax matters and tax options, but unless you are going to 1031 this sale, I'm not sure that should be your priority right now.  Let us know how it turns out.