All Forum Posts by: Stanley Gray

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?

Brandon Hall, would you recommend a MD CPA or a MD Lawyer who specializes in MD taxes?  Do you have anyone you would recommend?

For many years it was generating little to no income but in the last 10 years or so it has been generating 4k - 5k of net income as reported on my federal return.

I live in Virginia and just recently found out that I should have been paying income taxes on my Maryland rental condo property to Maryland instead of Virginia.  I moved to Virginia in 1980 so that would be 36 years...Ouch.   

Any thoughts on how to handle this without paying another 36 years of taxable income to the state of Maryland?