may be purchasing an old farmhouse from grandparents.
Grandparents are concerned they will have a big tax hit when they sell their home. I'm under the impression they will not because of the IRS rules that state, if you're eligible, you can have up to $500,000 in gain if you file jointly and not have a tax hit.
House sits on 13 acres, so grandparents could have a hit on some of the land, but it would be very minimal being the land itself is maybe 1200/acre.
Am I on the right track here?
Thanks!
Grandparents are concerned they will have a big tax hit when they sell their home. I'm under the impression they will not because of the IRS rules that state, if you're eligible, you can have up to $500,000 in gain if you file jointly and not have a tax hit.
House sits on 13 acres, so grandparents could have a hit on some of the land, but it would be very minimal being the land itself is maybe 1200/acre.
Am I on the right track here?
Thanks!