I own raw land with two family members on which we received an offer that we would like to accept. Family member #1 & #2 would like the sale/gain to be recognized in tax year 2024. Family member #3 would like the sale to hit their taxes in 2025. If we have the deal close on 12/31/24, with funds transferred to family member #1 & #2 on that day, and to family member #3 on Jan 1 2025, would family member #3 be able to defer the sale & gain to 2025? Or would they need to have a separate sale?
The different timing desires is due to timing of other investments/income recognition for each of the family members...
Thanks.
