How to minimize taxes from sale of land held by family members
My dad (50%) and I (50%) own land in FL
that has an offer on it. We want to share the proceeds three ways with the 2 other siblings, dad doesn't want any money out of it. My wife and I make about $220K and $180K adjusted gross. The one sister and dad probably make low teens. The 2nd sister and her husband probably make $150K together.
I was thinking about transferring my 50% to the first sister and having her and dad do an installment sale with 50% payable this year and next. They would then distribute the money three ways for each sibling.
Does this make sense? Are there holes/pitfalls? Is there a better way?